Derivs - FX

Mainland Chinese securities firms are not using the recently released Securities Association of China master agreement, opting instead to use the National Association of Financial Market Institutional Investors contract due to regulatory uncertainty, according to officials.

John McCormick, ceo of markets and international banking, Asia Pacific, at the Royal Bank of Scotland in Hong Kong, has left the firm.

Voting is now open for the Global Derivatives Survey, a comprehensive customer ranking of derivatives sellsiders in the credit, equity, fx, interest rate and structured products markets. The survey, from Derivatives Intelligence & Derivatives Week, will poll institutional and retail investors from the Americas, Europe, the Middle East and Africa, and Asia Pacific across multiple asset classes.

The Commodity Futures Trading Commission, pursuant to the Dodd Frank Act, has implemented rules which require that all swap counterparties report and keep record of certain swap data.

Dominique Blanchard, former managing director and global head of derivatives and convertible bonds at Daiwa Capital Markets in Hong Kong, has joined ANZ.

Corporates are going to find it much more expensive to hedge and sell options as regulatory change is going to disrupt the supply and demand balance in the fx derivatives markets, according to Kevin Rodgers, global head of fx and chair of the global finance and foreign exchange executive committee at Deutsche Bank.

A U.S. investment bank bought a EUR500 million one-month call on the euro against the Swiss franc this morning, according to traders.

The Hong Kong Exchange saw a record volume of deliverable U.S. dollar, offshore China yuan futures traded on Monday following the Chinese government’s plans to tighten up liquidity requirements for foreign currency lending, according to traders.

Hedge fund investors are becoming increasingly bearish on the Australian dollar and are looking to buy AUD/USD short-dated put spreads.

David Naville, managing director and head of fx structuring Asia Pacific at Barclays in Hong Kong, has been made head of fx and commodity structuring Asia Pacific.

Global investors have been picking up put spreads on the U.S. dollar against the Indian rupee, as the Indian unit has appreciated following a tax cut on interest payments to foreigners on government and corporate debt.

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.