Derivs - Credit

UBS has hired Pulkit Gambhir as a correlation trader in London.

BNP Paribas has hired Josh Farber to trade credit indices in London. He started in the position at the end of April.

Dealers say a 50% of notional collateral requirement for corporates in China when selling credit protection to banks will make that sect of the market too expensive and unworkable.

The Financial Services Authority is expanding its reporting requirements for on-exchange derivative transactions that would increase the costs of technology for dealers, according to lawyers.

Société Générale is recommending a flattener trade on the iTraxx Main series 15 as the three-five year curve has steepened close to all-time highs.

Bank of America Merrill Lynch has hired Mary Ann Deignan as managing director and head of equity capital markets for the Americas.

Credit default swap spreads on Tokyo Electric Power Co. widened 221 basis points to a record 726 bps on reports that the utility will post a record loss as a result of the recent nuclear crisis at Fukushima.

Lyxor and db x-tracker are leading an effort to form a European association for major providers of exchange-traded funds.

UBS has hired Li-Won Lim as co-head of Asia fixed income, currencies and commodities for emerging markets trading.

It’s certainly not uncommon to find differences of opinion in the E.U.’s corridors of power. But this week the cracks that had been surfacing intermittently between the two main institutions over the last few months became an open rupture.

Mark Hoban, the U.K. HM Treasury financial minister, said regulatory reforms that do not include all derivatives could distort the market.

European Union finance ministers have reached a compromise on naked selling but failed to agree on a ban on naked default swaps, as demanded by Germany and the European Parliament.