Derivs - Credit

New York members of Congress have sent letters to the Federal Reserve, the Commodity Futures Trading Commission and other regulators, warning that new derivatives regulations related to the Dodd-Frank Act would put U.S. banks at a “significant competitive disadvantage.”

Babson Capital Europe has hired Kam Tugnait as managing director who will co-manage the firm’s new UCITS fund that focuses on European high yield.

Goldman Sachs has named Julian Trott as head of syndicate for debt capital markets in Asia ex-Japan.

Lehman Brothers Holdings has agreed to pay Australian investors in credit-linked noted a total of AUD98.5 million (USD104 million) to settle a dispute over derivatives.

TD Waterhouse has retained Saxo Bank and London Capital Group to replace City Index as its derivatives provider.

BTIG has hired Michael Noonan and Drew Rymer for its New York-based high-yield and distressed fixed income sales group.

The Securities and Exchange Board of India has pushed back the deadline from May 7 to August 7 for more detailed foreign institutional investors reporting on offshore derivatives and participatory notes written on Indian underlyings.

Andrew Lamb is ceo of CME Clearing Europe in London, with responsibilities including having oversight of the clearinghouse’s risk management and its day-to-day operations. He spoke to Senior Reporter Olivia Thetgyi on the clearinghouse’s plans to develop its business in the region and regulatory developments in the E.U.

CME Group is looking to cross-margin between its U.S. and European clearinghouses, allowing offsetting positions to reduce margins for clearing firms.

Gabriel Roberts, a senior credit derivatives trader at Deutsche Bank in New York, has left the firm and is headed to Citigroup for a new role in London.

A proposed rule by the U.S. Commodity Futures Trading Commission that would require trades to be confirmed in a short period of time will create hardships for end users, according to panelists at the Markit Evolving OTC Market Landscape conference in London yesterday.

The China Banking Regulatory Commission has defied market expectations by passing up the opportunity to outline its position on China’s nascent credit derivatives market, reinforcing fears that the market could be shuttered or be subject to a change in rules.