Nymex gets boost in Wagner battle

Nymex has received a boost in its dispute with Cantor Fitzgerald subsidiary, Espeed, over the controversial Wagner Patent governing electronic trading systems in the US. A court ruled that a 32-year-old document could be used as 'prior art' evidence to inval-idate Espeed's case. The 130-page document was written by Richard Sandor in 1970. (See FOW November 2002 for more on the Wagner Patent and its implications.)

Weather risk management

WeatherXchange and Global Coal are producing daily bulletins, specific to a series of population-weighted indices that interpret effects of local weather upon national demand. The firms are also  displaying temperature- related derivatives for each index.

Paribas buys stake in Credit Lyonnais

BNP Paribas offered a high price (of € 2.2 bil-lion) for its stake in Credit Lyonnais, according to Standard & Poor's. However, the agency believes the move will have no impact on ratings or outlooks for either bank.

Commerzbank and KFW securitise again

Commerzbank and KFW have concluded their second joint securitisation of risks from residential mortgage loans via the Provide platform. The portfolio risk will be transferred synthetically to KFW and then channeled into the capital markets.

Steel industry plans futures

The global steel industry has revealed that it is close to establishing an international futures trading market. The market's participants are developing a proposal that will allow for more transparency in pricing and better risk management.

DNA mapping trader habits

Researchers at Illinois Institute of Technology's Centre for Law and Financial Markets (CLFM) are working on software to measure what it calls a trader's DNA - their natural trading habits. David Norman, CLFM's director of market technology, explains: "We are looking at ways of measuring trading acumen? and using this data to assist our students in their learning processes."