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Deutsche Bank has hired Takashi Kuniga, an interest rate trader at Credit Lyonnais in Tokyo, for a similar role on its Tokyo desk, according to Richard Herman, head of interest rate trading in Tokyo and to whom Kuniga now reports. Herman declined further comment. Kuniga, who is said to start in the coming weeks, could not be reached for comment.

Commerzbank Securities has launched an integrated research product, which combines research on credit-default swaps, cash bonds, equities and convertibles. The firm is planning a formal roll out in the fourth quarter, building up this type of research to cover approximately 20-30 companies, said Mark Tinker, head of debt and equity strategy in London. The research will be focused primarily around telecom names since those companies have high levels of debt and will benefit from this analysis, he said. Industrial and auto companies are also good candidates for integrated research. Commerzbank also has an integrated trading team for these asset classes (DW 8/12).

Deutsche Bank has for the first time jumped ahead of the undisputed equity warrants leader, Citigroup, in its share of the German market and has laid out its next challenge: to be number one in Switzerland. "We won't be happy with being number two or number three," said Johan Groothaert, managing director and global head of structured products, sales and origination in London. Three years ago, Yassine Bouhara, managing director and global head of structured and flow derivatives at Deutsche Bank in London, told DW the firm's goal was to knock Citigroup out of its top spot (DW, 4/27/99). "We have climbed our Mount Everest," Groothaert said. However, Deutsche Bank still concedes that Citibank is the number one warrants house globally.

Commerzbank Securities' plans to start offering fixed-income, credit, interest rate and foreign exchange derivatives to high-net-worth individuals. At the moment the firm only offers equity derivatives, such as collars, according to Sam Gottesman, head of distribution of derivatives for the Americas.

Recent events, including the default of Argentina, have emphasized the fundamental importance of incorporating the relatedness between the credit quality of a counterparty and the underlying market dependencies of a derivative transaction's mark-to-market value in calculations of credit exposure. More and more we view relatedness as a pervasive aspect of counterparty exposure in the credit and equity derivative markets, not only for foreign exchange derivatives. Though we acknowledge the view of David Rowe, group executive and v.p. for risk management at SunGard Trading and Risk Systems (DW, 4/14)) that a qualitative understanding of wrong-way risks in a portfolio can be achieved via a stress analysis, it is much more challenging to coherently integrate results generated in this fashion with a mark-to-market based hedging strategy.

JPMorgan powers up

Despite a plummeting currency, the Australian economy continues to enjoy stellar growth. But how long can this continue in the face of a prolonged US-led global recession?

Despite a plummeting currency, the Australian economy continues to enjoy stellar growth. But how long can this continue in the face of a prolonged US-led global recession?

After years of uncertainty, the reform of Indonesia's banking sector is at last gathering pace. Maggie Ford reports.

Picture a 52-year old chief executive astride a Harley Davidson leading an army of pizza delivery boys through the streets of Bangkok. Add a handsome bearded face, an immense capacity for hard work and a love of wild sports that almost borders on the extreme. This is Bill Heinecke, veteran entrepreneur and head of Thailand's Minor group of companies. A big, burly man with a soft-spoken American accent, Heinecke has made a career out of the extraordinary – and in so doing has established himself firmly amongst the legends in Thailand. After turning down the opportunity to go to prestigious Georgetown University back in 1967, the aspiring businessman launched his own office cleaning company in Bangkok as well as a one man advertising venture which he operated out of a spare room in his parent's house. Having sold both businesses at a profit, he moved into the import business and from there into fast foods where he launched the franchises for Mister Donut, Pizza Hut, Swensen's and Sizzler. “Those were exciting times for Thailand,” he recalls. “Had I spent five or six years being educated in the US, I might have missed out on these opportunities.”

The suspension of the Chinese government's plans to sell down stakes in listed companies has taken pressure off the Shanghai and Shenzhen exchanges, which had been falling in expectation of a flood of new equity. But the debate on future sales of China assets is as important as ever – not just on the mainland but in Hong Kong too. By Pauline Loong.

The suspension of the Chinese government's plans to sell down stakes in listed companies has taken pressure off the Shanghai and Shenzhen exchanges, which had been falling in expectation of a flood of new equity. But the debate on future sales of China assets is as important as ever – not just on the mainland but in Hong Kong too. By Pauline Loong.