Derivs - Credit

Proposals from the British Bankers Association to discontinue nine tenors and five currencies in the London interbank offered rate framework should be delayed until March 2013, according to the International Swaps and Derivatives Association.

A lack of clarity in what U.K. regulatory authorities define as complex in relation to retail structured products is a serious concern for the industry, according to Timothy Hailes, chairman of the Joint Associations Committee.

VTB Capital has hired Lewis Wong as head of illiquid credit trading for Asia in Hong Kong in a new role.

The Futures and Options Association has hired Natasha Stromberg as manager of regulation in London.

AXA Investment Managers has hired Rodrigo Ostik in a new role as derivatives manager, based in London. He reports to Shalin Bhagwan, U.K. head of liability-driven investment. The reason for the creation of the slot could not be determined by press time.

Credit default swaps on Spain and Italy have both experienced a strong rally since the summer, but events this week showed it might not be all one-way traffic.

Credit-linked structured products, or repack deals with an overlay of credit risk, which reference Japanese names have gained traction again in Japan within the last six weeks, according to market participants.

The U.S. Commodity Futures Trading Commission is expected to exempt regions from compliance to segments of the Dodd-Frank Act and will issue further no-action letters on the back of international pressure not to move too quickly with implementation of reforms, according to industry lobbyists.

Faisal Butt, head of euro swaps trading at Morgan Stanley in London, has joined Brevan Howard, also in London.

NYSE Liffe is expanding its Bclear to record and clear European fixed income contracts. The platform, which is a confirmation, administration and clearing service for over the counter derivatives, will list are three-month euribor, short sterling futures and long gilt futures starting Dec. 10.

Jakub Kaplan, exotic interest rates trader at UBS in London, has joined Citigroup in a similar role, also in London.

Deutsche Bank is recommending buying a U.S. dollar 6m30y payer ladder at-the-money-forward to position for a moderate normalization of U.S. rates over the course of the first quarter in 2013.