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Yuan Nears Six-Year Low

The yuan traded near its lowest level in six years as the government struggles to plug loopholes in capital controls. The exchange rate dropped by 0.05 percent to 6.7806 per dollar as of 5:15 p.m. in Shanghai, after a 0.3 percent slump Monday that was the biggest in a month. …

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Operational risk modelling – finally?

The recent changes in regulation, in particular the Basel Committee’s standardised measurement approach (SMA), are an opportunity to escape two misconceptions regarding operational risk – that it is not exposure-based and that extreme losses can be extrapolated from recurring losses, says Patrick Naim, president of Elseware. Operational risk is exposure-based …

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Corporate Ethics: More Than Good Karma

This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the “Reprints” link at the top of any article. How to set the bar high for employee behavior, and cultivate the kind of strong ethical culture that helps …

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It's Not Just the Election

You’ve got to admire Peter Briger’s honesty. Briger, co-chairman of Fortress Investment Group, is so unhappy with the current state of credit markets that he’s prepared to give investors their cash back rather than try to find something worthwhile to buy. Why? Because the credit-investing landscape is just that bleak …

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Citadel hires senior risk manager from Goldman

Goldman Sachs’ global head of derivatives clearing risk, Massimo Cutuli, has joined Citadel Securities in a senior risk management role, Risk.net has learned. The move is the latest in a raft of senior hires at the market-making firm, as it continues to expand its presence across the US and European …

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Brexit May Drag U.S. into Swap Clearing Battle

The European Union’s battle over London’s financial services sector risks dragging an unexpected player into the fray: Uncle Sam. That’s what could happen if French or German leaders attempt to pry away the some US$533 trillion of swaps cleared by London Stock Exchange (LSE) Group Plc’s LCH unit annually. In a …

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Banks Amass Hoard of Bonds

If the world’s biggest economy is really on the upswing, then why are America’s banks stockpiling a record amount of ultrasafe bonds? After all, jobs are back, the Federal Reserve is close to raising interest rates again and growth has perked up after a sluggish first half. But instead of …

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Citigroup says CFTC Is Probing Banks' Rate-Swap Businesses

Citigroup Inc. disclosed a new government probe involving the industry’s trading and clearing of interest-rate swaps five months after paying $425 million to resolve claims that it attempted to rig derivatives markets. The bank is cooperating with the U.S. Commodity Futures Trading Commission, New York-based Citigroup said Monday in a …

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Clinton vs. Trump Tops Currency Risk List

The U.S. presidential election is back at the top of currency traders’ list of worries. After the revelation last week that the Federal Bureau of Investigation is reopening its inquiry into Hillary Clinton’s use of private email, implied volatility in two-week options in the dollar-yen exchange rate timed to the …

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U.S. Vote Tops Currency Risk List

The U.S. presidential election is back at the top of currency traders’ list of worries. After the revelation last week that the Federal Bureau of Investigation is reopening its inquiry into Hillary Clinton’s use of private email, implied volatility in two-week options in the dollar-yen exchange rate timed to the …

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