Derivs - FX

Benoit Savoret, the former coo of Lehman Brothers for Europe, the Middle East and Africa, has joined Nomura today as joint head of global equities in London, in a reshuffle of the firm’s wholesale business.

Nine of the 61 positions the Hong Kong Securities and Futures Commission hopes to add this fiscal year will be focused on structured products or derivatives, according to a budget presented to the Hong Kong Legislative Council on Monday morning.

Leveraged funds and real money investors are approaching dealers for trades that allow them to capture the upside from the basis between the Hong Kong-based reniminbi market (CNH) and the onshore renminbi market (CNY).

Barclays Capital in New York has lost three staffers from its interest rate derivatives sales group and one emerging markets derivatives trader, all moving to Bank of America Merrill Lynch.

Barriers fixed at EUR1.395 on a host of double-no-touch options on the euro/U.S. dollar were breached last Thursday after European Central Bank President Jean-Claude Trichet hinted towards an interest rate increase in April.

Pierre Rousseau, global head of equities and commodities derivatives and ceo of BNP Paribas Securities Asia in Hong Kong, speaks to Derivatives Week on the firm's plans to expand in equity derivatives and structured products in the region.

An industry working group, made up of the major dealers and financial messaging provider SWIFT, is looking at introducing standard messaging confirmations to allow counterparties to automatically net bilateral FX positions.

Pacific Investment Management Co. plans to launch a new fund called the Tail Risk Hedging Fund 2, according to a senior firm official at the firm.

Interest in short-term hybrid dual digital structures and fx basket products have grown in interest from hedge funds over the last week, on fears of the spreading political instability in the Middle East.

Market participants should support efforts by the Securities and Exchange Commission and Financial Industry Regulatory Authority to implement consolidated audit trails for futures and options trading, said William Brodsky, ceo of Chicago Board Options Exchange at the exchange’s Risk Management Conference in Dana Point, Calif., earlier this week.

Members of the European Parliament yesterday aired concerns that exemptions to the European Market Infrastructure Regulation proposed by MEP Werner Langen would water down the legislation.

Hedge funds in Australia would have to disclose much more information about their derivatives use under a recently-floated consultation paper from the Australian Securities & Investments Commission.