Derivs - Credit

Shawn Bernardo is vice chairman of the Wholesale Markets Brokers’ Association Americas and is also managing director and head of electronic broking for the Americas at Tullett Prebon in New York. He spoke to Associate Reporter Mike Kentz on the aspects of current regulatory proposals in the U.S. aimed at SEFs.

Eric Lafon, head of structured solutions in Europe, the Middle East and Africa at UBS in London, has been promoted to co-head EMEA distribution for fx, interest rates, currencies and commodities.

Regulatory attempts in Europe to require specific payout profiles in base prospectuses or prospectus supplements for retail structured products would be detrimental to improving product transparency, according to the European Structured Investment Products Association.

The bankruptcies of several large institutions have highlighted a potential ambiguity within the International Swaps and Derivatives Association’s Master Agreement relating to Section 2(a)(iii). Specifically, several courts have addressed the issue of whether a party can exercise its rights under Section 2(a)(iii) to withhold payment indefinitely following the bankruptcy of its counterparty without declaring an Early Termination Date. This article compares the recent rulings and offers some negotiating options for counterparties to consider.

Credit default swaps trader Jihan Bowes-Little has left UBS in London.

The China Banking Regulatory Commission is considering setting risk capital for derivatives on a firm-by-firm basis.

Creditex has expanded its Creditex RealTime platform and products for trading credit default swaps in North America.

Jefferies has expanded its global fixed-income business with the hiring of Alix Bernard as a managing director in European credit sales.

Some emerging market regulators, including those in Malaysia and Indonesia, have called on major dealers to draft not only local-language versions of International Swaps and Derivatives Association Master Agreements, but simplified, plain language versions in the local language for smaller corporates.

The recently-enacted safe harbor for close-out netting in the revised Malaysia Deposit Insurance Act (PIDM Act) doesn’t go far enough for major dealers.

San Francisco-based Merriman Capital has named Paul Kent as head of capital markets.

BNP Paribas Investment Partners has expanded its fixed income team in Australia with the addition of Jasmin Argyrou and Dominik Dumaine.