Derivs - Equity

Saad Hammoud, the ex-head of equity derivative trading at Nomura in London, has joined hedge fund BlueCrest Capital Management in a new role.

Barclays made the most senior hire of the week, appointing ex-Goldman Sachs trader Michael Winkelgrund as head of exchange-traded fund trading. Deutsche Bank, meanwhile, hired Monty Lee as a senior index options trader from Barclays. In Asia Pacific, Nicholas Smith has replaced PJ Andersson as global head of pan-Asian equity derivative and convertible sales at Citigroup, after the latter left the firm last week.

Nomura is to expand its corporate derivatives and structured products business in the Americas.

Credit Suisse is reviewing internal policies and procedures to mitigate the risk of breaching position limits after the Hong Kong Securities and Futures Commission fined the firm on Tuesday HKD1.6 million (USD206,100).

The Royal Bank of Scotland is to exit equity derivatives and structured retail investor products globally, in addition to peripheral market-making activities.

Thomas Vergnaud, the former global head of over-the-counter vanilla and proprietary trading at Dresdner Kleinwort, and Yannick Mallegol, the former head of equity derivative flow sales at Barclays, are to launch a hedge fund.

MSCI has tapped Alan Dubois, a former senior equity derivatives structurer at Société Générale, as head of new business and product development in the firm’s index business.

Monty Lee, a senior index options trader at Barclays in New York, has left the firm to join Deutsche Bank in a similar role.

South Korean securities houses are taking on greater correlation risk via the issuance of equity-linked structured products that they may not have the capability to accurately price, according to sellside officials.

Paul J. Andersson, managing director and global head of pan-Asian equity derivative and convertible sales at Citigroup in Hong Kong, left the firm late last week.

Thai corporates are looking at selling structured products that reference their on-balance sheet non-dividend stock.

Turnover in structured products at the Scoach exchange in Switzerland spiked in May to CHF3.82 billion, an increase of CHF1.21 billion compared to April, according to a report from the Swiss Structured Product Association.