Derivs - Credit

Richard Li, a trader in Nomura’s structured credit trading group in Hong Kong, has left the firm.

An update released today by the Bank for International Settlements’ Financial Stability Forum has called on international financial authorities to enforce minimum initial margins for over-the-counter derivatives.

Tuesday’s tradeable credit fixings for the iTraxx main in Europe—whereby the fair value of the index’s tranches is determined in a manner similar to LIBOR fixings for interest rate swaps—saw a rush of activity in off-the-run series.

Calyon has appointed Swaroop Patel to head its debt and credit markets team for Asia ex-Japan

Rabobank has made three senior appointments in its European structured products team in a bid to bring trading, structuring and engineering for all asset classes—equity, fixed income, hybrid, FX and credit—under one platform.

The International Swaps and Derivatives Association has finalized the members on its Credit Derivatives Determinations Committees.

The credit event auction for Station Casinos, Inc. landed a result earlier this afternoon of 32%, meaning protection sellers will pay out 68% on credit default swaps referencing the name.

Credit Derivatives Research today went live with an index tracking sovereign credit default swap levels on seven nations—the U.S., U.K., Japan, Germany, France, Italy and Spain.

Tiden Capital, a hedge fund focusing on relative value in corporate structured credit, is staying short mezzanine tranches of the CDX North America High Yield index, primarily in the 15-25% and 25-35% tranches.

Omgeo has inked a first-of-a-kind agreement with the Depository Trust and Clearing Corp. allowing its clients to compare on a daily basis their trading positions with those recorded in the Deriv/SERV Trade Information Warehouse, as well as trades recorded for their counterparties.

Liontrust Asset Management has recruited a five-strong credit investment team from London-based Ilex Asset Management.

The iTraxx Main index in Europe is set to be reconstructed, taking its six current tranches down to three super-tranches that will boost liquidity and allow investors to take a broader view on credit.