Derivs - Credit

Thomas Leveille Nizerolle, a financial engineer in the financial institutions advisory team at Société Générale in Paris, has left the firm.

Nomura International has hired Jean-Marc Alexis as a structured products solutions specialist.

Plans by the Taiwan Financial Securities Commission to create a trade repository with daily reporting requirements across all assets of over-the-counter derivatives, as well as information including the names of the traders and brokers who worked on the deal, will be prohibitively expensive for the market and unworkable, market players have warned.

Money managers, hedge funds, prop desks, insurance companies and other end users have been covering short positions in sovereign credit default swaps and credit indices on the news the European Central Bank purchased Spanish and Italian bonds today.

Citigroup strategists are recommending paired iTraxx payer strategies as relatively safe and inexpensive ways for investors to hedge against further widening in credit.

The debacle over the U.S. debt ceiling was soon forgotten by the credit markets but its temporary resolution didn’t trigger a relief rally.

RBC Capital Markets has hired Steve Feinstein to lead its corporate derivatives marketing team in New York.

The U.K. Financial Services Authority has found significant inconsistencies in the way asset managers manage their derivatives risk.

The International Swaps and Derivatives Association has called for liability caps for clearinghouse members should the clearinghouse default.

Proposed rules floated by the European Securities and Markets Authority to improve the ways firms market investment products, such as structured products, through prospectuses, has been slammed by issuers.

South Korea is proposing legislation that would create a licensing framework for central counterparties and mandate clearing for any transaction that can significantly affect a market or markets if counterparties default.

European corporate credit default swaps trader Robert Purvis has left UBS, reportedly for Citigroup, according to market officials.