Derivs - Credit

Dan Gallagher, a Republican member of the U.S. Securities and Exchange Commission, said regulators should be willing to review, and even overhaul, the proposed Volcker Rule in light of thousands of comment letters on the measure which “provide powerful evidence that the benefits the proposed rule was designed to provide may come at an unacceptably high cost.”

Mirae Asset Global Investments has launched its Dynamic Bond Fund, its first fixed-income offering, which may use derivatives for hedging purposes.

The International Swaps and Derivatives Association has updated its protocol for municipal credit default swaps, bringing the protocols in line with sovereign and corporate CDS.

The Royal Bank of Scotland has announced the new members of its Markets Management Committee who will be responsible for strategy, according to a memo from Peter Nielsen, ceo of markets in London.

Arran Rowsell has joined Barclays Capital in London as a managing director and head of emerging Europe, Middle East and North Africa flow credit trading.

It looked for one moment that the long-awaited credit event on Greek sovereign CDS was finally about to happen.

Greece has not yet triggered a credit event and buyers will therefore not receive a payout on credit default swaps, the Europe, Middle East and Africa determinations committee of the International Swaps and Derivatives Association said this morning.

A first-of-its kind closed-end fund from Eaton Vance could siphon off high-net worth investor appetite from the structured notes market, structuring officials say, noting the fund provides a payoff profile similar to a structured note but has daily collateralization and spreads counterparty credit risk across multiple issuers.

Some credit valuation adjustment desks may hold back on trading contingent credit default swap indices because of uncertainty over how much Tier 1 capital they will need to cover their exposure.

Credit Suisse has debuted Calendar Roll, a new fixed-income algorithm that allows clients to roll bond futures positions while maintaining their risk exposure, available on its Onyx trading platform.

Foreign multinational investment banks in India are sitting on the sidelines in the new credit default swap market. They’re not willing to take on the cost of collateralizing the deals and so aren’t targeting the market in any way, according to market officials.

Hedge funds were selling credit-default swaps on NRG Energy after the company released a better than expected earnings report today.