Derivs - Credit

National Australia Bank has hired James Lorimer as a senior trader for fixed income, currency and commodities in its wholesale banking team in London.

International regulators have issued interim regulations that will force banks to hold capital against exposures to central counterparties on derivatives trades.

The Australian Treasury is looking to change the country’s main financial law to enhance its oversight of over-the-counter derivatives.

Nomura’s Asia Pacific House of the Year win shows that when doing business in the region, it pays to have a local pedigree, knowledge and a commitment to Asia.

“Whatever it takes.” Just three words uttered by European Central Bank President Mario Draghi in London this morning were enough to spark the strongest rally in sovereign credit since the EU summit late June.

The Commodity Futures Trading Commission has proposed rules that will require certain credit default swaps and interest rate swaps to go through clearinghouses.

Srinivas Uriti, managing director and head of credit trading and structuring at ING Bank in Singapore, has been promoted to head of capital markets, Asia.

Alan Sharkey, a senior official in distressed credit sales at Goldman Sachs in London, has left the firm and is set to join hedge fund Angelo, Gordon & Co.

China’s National Association of Financial Market Institutional Investors has prepared and internally approved changes to its definitions of domestic fx and interest rate swaps, which could be instituted soon, according to lawyers.

Registered financial institutions wanting to clear credit default and interest rate swaps in Japan should have a net market capitalization of not less than JPY100 billion (USD1.28 billion) and maintain a capital-to-risk ratio of between 200-and-250%, depending on credit rating, according to the Japan Securities Clearing Corp.

Morgan Stanley is planning to reduce the size of its fixed-income business, with structured credit and investment-grade securitization possibly affected, according to Ruth Porat, cfo.

It was a relatively quiet week for sovereigns as corporate earnings took centre stage.