Derivs - Equity

Marco Bach, an ex-senior equity derivatives trader at Citigroup in London, has joined U.K-based interdealer broker Forte Securities as cfo.

Zurich-based index provider STOXX has launched the Eurostoxx 50 BuyWrite 100% index, which measures the performance of a hypothetical portfolio of long positions and a sold call option based on the Eurostoxx 50 Index.

The mainland China-based Bank of Communications is preparing to launch a series of non-capital protected equity-linked deposit structured products that use embedded puts and are structured with a maximum six-month tenor.

Citigroup is looking to expand in corporate equity derivatives in Asia.

Tokyo-based Simplex Asset Management is set to list two new inverse and leveraged synthetic exchange-traded funds on the Tokyo Stock Exchange.

The New Zealand Exchange has delayed the launch of the country’s equity derivative market, which was originally scheduled to start Wednesday, to ensure the new asset class receives full participation from the country’s buyside community.

UBS reported net profit for Q1 of 2013 of CHF988 million compared to a net loss of CHF1.9 billion in Q4 of 2012, driven by an increase in revenues from the firm’s investor clients services unit of its investment bank, and from wealth management, among other areas.

Credit Suisse has launched so-called drop-back certificates, a rare offering in the structured products market. The certificates, which are being issued separately on the SMI and the S&P500, gradually increase investments in the underlying when the index falls through downside trigger levels.

Dhruv Piplani, partner and head of equity derivative trading Asia except-Japan at Goldman Sachs in Hong Kong, has left the firm.

UBS Wealth Management is seeing greater interest from investors in Asia for short-dated vanilla structured products that reference single stock U.S. equity underlyings.

Changes to proposed rules setting out margin requirements for non-centrally cleared derivatives are to be minimal when final rules are approved later this year, according to an official familiar with the rules.

Buyside firm the D.E. Shaw Group is placing trade restrictions on U.S. counterparties that have not yet registered as swap dealers under the U.S. Commodity Futures Trading Commission’s Dodd-Frank over-the-counter derivatives market reforms.