Derivs - Equity
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Manpreet Grewal, the former head of equity index and mutual fund exotics trading at Lehman Brothers in London, has joined Morgan Stanley as a director in exotic index trading.
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BNP Paribas this week began marketing a so-called Erasable Knock-Out equity linked note. The note is linked to a pair of stocks and generates a return as each stock individually hits a predetermined knock-out barrier and is removed from the basket.
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New York-based GlobeOp Financial Services will launch an add-on to its over-the-counter derivatives trade processing system next week, allowing fund managers to access current and historical valuation and trade reconciliation data more efficiently than before.
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Mike Taylor, a former director in single stock equity derivatives trading at Citadel in London, has joined UBS.
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Laurent Marquis, the former global head of equity derivatives trading at BNP Paribas in Paris, is set to join JPMorgan as coo of equity derivatives trading in London.
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Lyxor Asset Management is marketing a capital-guaranteed fund in Hong Kong and Macau that protects investors from a counterparty failure via an equity-linked swap.
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Timothy Freeman, formerly a managing director in equity derivatives sales at Merrill Lynch, has joined volatility trading firm Capstone Global Markets as head of U.S. equity derivatives sales in New York—a new role.
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Scotia Capital has hired Chris Kulia, formerly a v.p. in corporate derivatives sales at Credit Suisse, for its corporate derivatives desk in New York.
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Jeroen Van Der Ven, a former equity index trader at Bank of America Merrill Lynch in London, has joined Hawaiian hedge fund Evolution Capital Management.
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Nomura is planning to expand its emerging markets equity derivatives sales team in London in response to growing demand for structured notes.
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The rationalization of margin requirements emerged as a major concern at joint public meetings on over-the-counter derivatives regulation hosted by the two largest U.S. financial watchdogs this week.