Derivs - FX

First Republic Bank, a California private bank, has hired Andrew Smaltz, a v.p. in fx sales from Royal Bank of Scotland. He joined as a managing director last week.

Jason Richardson, head of fx options at Royal Bank of Scotland in Stamford, Conn., has been promoted to head of emerging markets trading across all asset classes.

Roland Jeurissen, a senior fx options trader at BNP Paribas in London, has left to join Citigroup in a new role.

Dresdner Kleinwort has lost a series of London-based fx options traders in recent weeks.

Wenbo Zhao, managing director of fixed income institutional sales for China at Goldman Sachs, had intended to resign last week but according to insiders was persuaded to stay on.

An unidentified buyer built a USD1 billion one-month call on the U.S. dollar against the yen yesterday with an out-of-the money strike of JPY100. It caught traders’ attention as the position was built through the morning. Spot was trading at JPY95. The buyer was able to build much of the position with implied volatility below 14%, but implied vol began to climb as the notional grew.

Calyon has lost a series of fx derivatives professionals in Asia in recent weeks.

Morgan Stanley is continuing to expand its fx sales team in New York, adding three senior fx staffers. From JPMorgan come David Zakaiem, a director, and David Rosenberg, a v.p.; and from Citigroup comes Kristen Fanarakis, a v.p.

An Indonesian court has asked Standard Chartered to rip up an fx contract the firm wrote with a local corporate, saying the complexities of the trade were not properly understood by the buyer and as such it violated transparency laws.

Christopher Bae, head of single stock volatility trading and a senior flow equity derivatives staffer at Goldman Sachs in Hong Kong, has left.

Fuzzy language in the draft over-the-counter reform legislation revealed earlier today did little to quell concerns about the extent of forthcoming regulations, but there were some surprising nuggets in the concept paper.

Morgan Stanley Smith Barney and Wells Fargo are considering suspending the sale of leveraged exchange-traded funds. Spokeswomen for both firms said non-traditional ETF policies are currently under review mostly because of a notice from the Financial Industry Regulatory Authority last month that called leveraged ETFs unsuitable for long-term retail investors.