Derivs - Credit

Romeo Uyan, head of Asia Pacific credit trading at Barclays Capital, has left the firm.

New York-based GlobeOp Financial Services will launch an add-on to its over-the-counter derivatives trade processing system next week, allowing fund managers to access current and historical valuation and trade reconciliation data more efficiently than before.

A number of wrinkles in Thomson’s debt, including a potential indemnity related to its revolver, lie behind the delay in determining the list of debt obligations deliverable into the credit default swaps settlement auction.

The advent of buysider access to over-the-counter clearing, through dealers acting as derivative clearing members, is expected to create a burgeoning revenue stream for investment banks. Much like a prime broker would step between a customer and another dealer, only DCMs will be able to face off against clearinghouses, facilitating a process known as customer segregation.

The International Organization of Securities Commissions has urged issuers to provide investors with greater disclosure on the performance of credit default swaps and securitization markets.

Migdal Group and Clal Group, two large Israeli insurers, have reportedly developed a keen appetite for credit derivatives even as the pool of buyers elsewhere shrinks.

Street firms have decided on replacements for the names that will come out of the CDX North American Investment Grade index when series 13 starts trading as of Sept. 21.

The rationalization of margin requirements emerged as a major concern at joint public meetings on over-the-counter derivatives regulation hosted by the two largest U.S. financial watchdogs this week.

UBS has hired a raft of credit cash and derivatives salespeople focusing on hedge funds in Europe. All report to Emmanuel Duclos, head of European credit sales.

The U.S. Securities and Exchange Commission and Commodity Futures Trading Commission are holding meetings today and tomorrow to get feedback on their plan to divvy up regulation of the financial markets, including over-the-counter derivatives.

The EU Commission’s derivatives group is still waiting on responses from some of the “bigger, important investment banks,” on proposals to standardize the over-the-counter derivatives market, Sebastijan Hrovatin, secretary to the group in Brussels, told Derivatives Week today.

Street firms have begun suggesting replacements for the names that are expected to come out of the CDX North American Investment Grade index when the new series starts trading Sept. 21.