Derivs - Credit

Grigore Ciorchina, a high yield credit default swaps trader at BNP Paribas, has left to take a similar role at Royal Bank of Scotland in London.

UBS has hired Dondi Santillan, head of flow credit trading for Asia at ING, to run its flow credit trading in non-Japan Asia.

Manish Kapoor, a former prop official at Lehman Brothers in New York, has formed an investment firm focusing on structured products.

Credit derivatives brokers in London have been witnessing a significant sell-off in protection on the 0-9% tranches of the iTraxx Europe series 9.

Ben Tan, a v.p. in credit default swaps trading at Morgan Stanley in London, will reportedly be joining Goldman Sachs shortly.

New York-headquartered equity and equity options shop Bay Crest Partners is ramping up to buy and sell bonds.

Harvest Volatility Management has set a July 1 launch date for an unnamed volatility arbitrage offering.

Five-year credit default swaps on Chile and Saudi Arabia tightened significantly yesterday as commodity prices rallied, boosting perception of those economies amid investors’ flight to quality.

Courtney McAllister, a credit default swaps trader at BNP Paribas, has left for a position with Bank of America’s credit trading team.

Deutsche Bank is recommending investors sell protection on Japanese mobile phone company SoftBank, despite the company telling the market April 10 it made a JPY75 billion (USD758 million) loss linked to synthetic collateralized debt obligations last year.

The Depository Trust & Clearing Corp. considered playing the counterparty role in the credit default swap market but decided it would conflict with its role as a utility.

The National Conference of Insurance Legislators has begun to think about how it would regulate credit default swaps. Joseph Morelle, chairman of the New York Assembly Committee on Insurance and of NCOIL’s taskforce on CDS, told DWO a timeline for creating model legislation was outlined Friday.