The Boards of Allied Irish Banks PLC and Allfirst Financial, its Baltimore subsidiary, met Tuesday to hear the results of an investigation by Eugene Ludwig, a former Clinton appointee and bank regulator, who was hired a month ago to look into the nearly $700 million currency trading losses by Allfirst trader John Rusnak. The Boards were expected to hear the report findings and Ludwig's recommendations, while a summary of both are expected to be released this week.
SunGard Trading and Risk has appointed Michael Clarke senior vice president of its SunGard Collateral operating unit. Clarke is a founder and current co-chair of the Collateral Committee of the International Swaps and Derivatives Association. Previously, Clarke was group vice president of Cygnifi Derivative Services where he created the Trinity legal information service to provide research and analysis on the legal risks associated with cross-border collateralization. At Cygnifi, Clarke was also responsible for its CollateralManager online service and supervised its collateral consulting practice. Clarke has also previously served in the collateral department at JP Morgan.
Dr. Constantine Thanassoulas has joined the Professional Risk Managers International Association's Blue Ribbon Advisory Panel. The Panel will provide independent oversight of the formation of PRMIA's bylaw and will offer strategic guidance to its Interim Board of Directors and the permanent board that will be elected later this year. Thanassoulas is currently chief operating officer for Sanwa International and is the president-elect of the European Financial Management Association. The PRMIA also has added a local chapter in Shanghai China, with Dr. Hu Bingxing to be the first regional director for the chapter. Bingxing will be responsible for forming the regional chapter steering committee, which will coordinate PRMIA events in the area. Bingxing is senior risk manager with China Guotai Fund Management Co., Ltd.