Derivs - Equity

Hedge funds have been buying up dispersion trades across several indices this week, driven by confidence on the back of stronger economic data in the U.S. and monetary measures in Europe.

EFG Financial Products has expanded its structured products team with the appointment of two senior salesmen from Société Générale.

StormHarbour has hired Eric Daniels, the ex-group chief executive of Lloyds Banking Group in London, as a principal and senior adviser.

Nick Tranter, most recently a partner and head of derivatives at Execution Noble in London, is to join HSBC as a managing director covering equities and asset managers in the firm’s financial institutions group in London. Tranter is set to join in a new role in the next few weeks.

A memo from Credit Suisse CEO Brady Dougan yesterday setting out alternative ways of paying a proportion of employee bonuses through a derivative-backed structured note had pulses racing among some in the investment banking community by the evening.

S&P Indices has licensed its Low Volatility Index to two dealer structured product desks who plan to issue structured notes on the back of the index, said Craig Lazzara, vice president at S&P in New York.

HSBC in Australia has launched a series of 100% capital-protected structured products that use a five-year call spread with an Asian tail to take exposure to a basket of four global equity indices.

BNP Paribas has hired Jazil Ghias as a director in emerging markets equity derivatives sales in New York.

Canadian Imperial Bank of Commerce has hired Nadim Siddique as managing director and head of equity derivatives for the U.S. in New York.

DBS Bank is issuing a single stock non-principal protected equity linked structured product with a knock-in and optional call feature after Chinese New Year. It is looking to issue two more should the transaction prove popular with investors.

The Bank of International Settlements has flagged potential data gaps for over-the-counter derivatives trade repositories and what steps should be taken to address such issues.

Deutsche Bank and Fortinbras Asset Management have launched an Undertakings for Collective Investment in Transferable Securities fund that aims to capture trends in interest rate, commodity, foreign exchange and fixed income markets.