Derivs - Credit

Royal London Asset Management has hired Darren Bustin, the ex-head of derivative solutions at life insurance and pension company AEGON, as head of derivatives based in London.

Deutsche Bank has hired four interest rate and credit salesmen in Frankfurt from JPMorgan and BNP Paribas.

Cantor Fitzgerald has appointed Mark Goldman as head of European fixed income sales.

Citigroup has tapped Jeff Emmanuel to head its financial institutions group for Asia-Pacific.

The Scottish Widows Investment Partnership has hired William Low as head of global equities.

Kay Haigh has left as head of global macro trading at Deutsche Bank to form Avantium Investment Management, a hedge fund.

Robert Pickel is executive vice chairman of the International Swaps and Derivatives Association in New York, where he oversees a range of industry initiatives related to the derivatives market, including U.S. regulatory issues.

Structured products are set to arrive in Brazil, with recently passed legislation allowing foreign and local firms to structure and distribute to local investors. Regulators are hashing out the details on which type of products will be permitted and firms have started beefing up their operations.

The sovereign credit markets have become accustomed to the European Union over-promising and under-delivering. That much was clear in the market reaction to the disappointing March 24-25 E.U. Summit. Spreads were little moved in the first part of this week; the pessimism was already priced in.

Mutual fund firms are concerned about the possibility of being held responsible for reporting derivatives transactions with non-U.S. counterparties, according to Leigh Fraser, partner with Ropes & Gray.

New regulations and developments including a central counterparty will make the over-the-counter derivatives and repo markets in Singapore more robust, Ng Nam Sin, assistant managing director at the Monetary Authority of Singapore said in a speech yesterday.

The China National Association of Financial Market Institutional Investors will develop a pricing benchmark and standardized documentation for onshore credit derivatives.