Retired Member
Reports have emerged that the rogue trader responsible for the EUR5 billion trading loss at Société Générale is 30-year-old Frenchman Jérome Kerviel. Apparently sources within the bank leaked the name to the press. The incident is, inevitably, being compared with previous rogue traders, particularly Barings Bank rogue trader Nick Leeson. In his ...
24 January 2008 /regulation
Elton Cane Digital product delivery at News Corp Australia
The SocGen fraud story, which is flabbergasting the industry and providing a distraction from credit crunch woes and hand-wringing about the dangers of overly complex structured productios, is remarkable for a number of reasons. The losses don't come from any exotic OTC dealings. Instead, the trader was dealing in plain vanilla futures on European...
24 January 2008 /regulation /wholesale
At US$ 100 oil-a-barrel lots of opportunities can be visible. Every alternative energy / research project on earth was looking expensive at $28 or $36 or $46. But what about $ 60-70-80-90 and now intermediately at $100? Prices are varying everyday and how long one should wait? Do Banks have alternative energy divisions? Has anything done beyond r...
15 January 2008 /regulation /wholesale Going green
I always thought my router and firewall combo with its twinkling green lights was actually on my side in the fight against internet baddies. I may have to rethink this. The Register has an interesting and slightly alarming item on a possible means to compromise home internet routers. It revolves around UPnP (Universal Plug and Play) that is usual...
15 January 2008 /security /regulation
Sriram Natarajan Risk Dog at Credit Risk Fraud Cards Professional
Our new world of Web 2.0 promises to leave you with less guilt pangs in life. I got this feeling earlier this week when I received an invitation to sign up to www.bet2give.com . The tagline is "a real-money market where all the winnings are donated to non-profit organizations chosen by the winners. It covers a wide array of topics, from U.S....
12 January 2008 /payments /regulation
When doing a little research recently I was stunned by an article from the New York Times: “After a year of relative stability following the revaluation of the dollar, the world money markets have again been rocked by wild and unpredictable fluctuations.” The stunning thing is that ELLIOTT V. BELL wrote this on March 10, 1935 in the New York Time...
11 January 2008 /regulation Operational Risk Management
We should all be saying Happy New Year! Well, actually we have already, especially to tax authorities around the world. Many of them have just received a New Year's present of cash from the financial services industry, funded by investors. Why? Well, as cross border investment steadily increases at over 16% a year, each time there's a dividend p...
07 January 2008 /regulation /wholesale Innovation in Financial Services
The onset of the New Year gets me thinking on what are the likely fads and buzz words in 2008. 2007 has already enriched our vocabulary with 'sub prime' , 'Ninja loans' and other such terms that a Credit dog's delight. Come to think of it, some of the fads like mobile payments have been around for some time now! I came across a report by Javelin...
07 January 2008 /regulation /retail
Is it me or does there seem to be a lack of convergence on the subject of security in internet banking these days? From a user perspective I have accounts with ING, Nationwide and Barclays to name but three. I also work with many banks in their back offices trying to make operations both more secure and more efficient (tough job to do both at on...
19 December 2007 /security /regulation Innovation in Financial Services
A survey of more than 4500 online US adults results in oh so many details about monetary losses because of phishing. How is it possible to be so conclusive? Details on the methodologies employed in conducting the survey may or may not be bolstering. I bet on may not. What is an online US adult? Whatever the definition, does it change over time...
17 December 2007 /regulation
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