Derivs - FX

David Phitoussi, a senior portfolio manager at Brevan Howard focused on equity derivatives trading, has left the hedge fund.

The recent decline of renminbi against the U.S. dollar could see holders of target redemption forwards lose money and lead to the unwinding of some trades.

A further fall in inflation expectations could be worrying for the European Central Bank and have the potential to dramatically impact euro crosses. In order to hedge disinflation risk, Société Générale is suggesting buying three-month basket options, with EUR as the base currency while shorting the Australian dollar and Russian rubble, while going long the Singapore dollar and U.S. dollar.

UBS in Australia is expected to launch two new tradable custom indices there within four-to-six weeks that will track equity markets.

Macro funds in Japan have been playing the correlation between emerging market indices and the Nikkei, buying so called best-of puts that go long the index which declines the least.

The introduction of mandatory and client clearing in Hong Kong could encourage greater domestic corporate participation in the interest rate and fx swap markets, as regulators provide greater guidance on capital charges for derivatives.

Japanese corporate end users are showing less interest in renminbi than corporates in other regions, choosing instead to settle contracts in yen or US dollars, writes Daniel O'Leary.

Andrew Poray, head of forex options for Asia in Singapore at the Royal Bank of Scotland, has left the firm.

Saxo Bank is offering futures spreads on interest rates, bonds, major stock indices and some commodities across all of its platforms, including its mobile apps for smartphone and tablets.

Japanese corporate end users are showing less interest in renminbi than corporates in other regions, choosing instead to settle contracts in yen or U.S. dollar.

Market participants in European jurisdictions will not clear fx forwards with a settlement date of up to seven days, in addition to fx forwards for commercial purposes, until the European Commission clarifies the definition of a derivative contract under European Markets Infrastructure Regulation, according to Steven Maijoor, chair of the European Securities and Markets Authority.

Andrew Poray, head of forex options, Asia at the Royal Bank of Scotland Singapore, has left the firm. He is set to join hedge fund Balyasny Asset Management in the U.S., according to market officials.