Over twenty-five former regional directors of the Global Association of Risk Professionals have formed a new international nonprofit association of risk managers. The newly formed Professional Risk Manager's International Association (PRMIA) will include local chapters in Europe, Asia, the Middle East, North America and South America. The association will hold local chapter meetings with a certification program and an online forum for risk managers to exchange ideas. Membership to PRMIA will be free of charge along with access to information on its Web site and attendance at local chapter meetings. PRMIA will initially be governed by an interim Board of Directors selected by Regional Directors from around the world that will establish the fundamental needs of the association and lead the way to the election of a permanent Board of Directors by the membership.
The International Swaps and Derivatives Association and FpML.org announced the FpML Standards Committee has decided to publish a Trail Recommendation for Financial products Markup Language Version 2.0, the XML-based e-commerce standard supporting OTC trading of financial derivatives. FpML Version 2.0 extends interest rate product coverage to include interest rate options such as swaptions, caps and floors and extends the swap definition to include FX resetables, cancelables and early termination provisions. The Trial Recommendation period makes the new version available for review and implementation for participants to provide feedback on the latest modifications. The working draft is posted at www.fpml.org/spec/index.asp. The ISDA requests comments on the new version by Tuesday, April 30th via [email protected].
Michael Zerbs has been promoted to chief operating officer at Algorithmics. Zerbs, who has been with the company for 13 years, will be responsible for all customer-facing and field-focused activities such as sales, marketing and professional services. Zerbs was previously vice president of research and product marketing and has been responsible for the strategic direction and conceptual development of the Algorithmics software. Also as part of the company reorganization, the responsibilities of Yaacov Mutnikas, who was appointed chief technology officer last year, have been expanded beyond software development to include research, financial architecture and engineering and product management/architecture functions.