Derivs - FX

Russia legislators have approved close-out netting for derivatives--a move that should fuel growth in a market that has widely been seen as hampered by the issue.

Michael Vasseghi, head of macro structuring encompassing rates and fx at UBS in Stamford, Conn., has left the firm.

Credit Suisse has hired Patrick Marchesi for the new position of director of fx prime-brokerage sales in Singapore.

Jefferies has announced that it plans to acquire Prudential Bache’s Global Commodities Group from Prudential Financial in a deal valued at roughly USD430 million.

Foreign exchange and commodity options will likely be included in regulation approving the issuance of Certificados de Operações Estruturadas (COE), or structured notes, in Brazil, one senior regulatory official told Derivatives Week.

Royal London Asset Management has hired Darren Bustin, the ex-head of derivative solutions at life insurance and pension company AEGON, as head of derivatives based in London.

Robert Pickel is executive vice chairman of the International Swaps and Derivatives Association in New York, where he oversees a range of industry initiatives related to the derivatives market, including U.S. regulatory issues.

Structured products are set to arrive in Brazil, with recently passed legislation allowing foreign and local firms to structure and distribute to local investors. Regulators are hashing out the details on which type of products will be permitted and firms have started beefing up their operations.

Seven banks began trading onshore Chinese yuan options today.

Mutual fund firms are concerned about the possibility of being held responsible for reporting derivatives transactions with non-U.S. counterparties, according to Leigh Fraser, partner with Ropes & Gray.

Corporates in China are starting to buy vanilla over-the-counter derivatives to hedge commodities and foreign exchange risk.

New regulations and developments including a central counterparty will make the over-the-counter derivatives and repo markets in Singapore more robust, Ng Nam Sin, assistant managing director at the Monetary Authority of Singapore said in a speech yesterday.