Derivs - Interest Rate

Shravan Sahdev, ex-managing director and head of U.S. dollar interest rate derivatives trading at the Royal Bank of Scotland in Stamford, Conn., is joining Citadel as a portfolio manager, in New York.

Haroon Sana, global head of interest rates sales at Deutsche Bank in London, is leaving the firm.

The Australian Securities Exchange is aiming to introduce client clearing for its new over-the-counter derivatives clearinghouse by the end of 2013.

Shravan Sahdev, managing director and head of U.S. dollar interest rate derivatives trading at the Royal Bank of Scotland in Stamford, Conn., has left the firm.

To position for 10-year sterling rates staying in a tighter range than priced by the market, Barclays is suggesting 1x11 cap-floors versus 1y*10y swaption wedges.

Mark Wong, former managing director and co-head of linear rates trading at Deutsche Bank in Singapore, is to join hedge fund Dymon Asia Capital.

Changes to proposed rules setting out margin requirements for non-centrally cleared derivatives are to be minimal when final rules are approved later this year, according to an official familiar with the rules.

Buyside firm the D.E. Shaw Group is placing trade restrictions on U.S. counterparties that have not yet registered as swap dealers under the U.S. Commodity Futures Trading Commission’s Dodd-Frank over-the-counter derivatives market reforms.

Swaptions are likely to become a clearable product in the near-future, although further work needs to be done in relation to risk management and default management in the interim, according to senior clearinghouse officials.

Most Asian end-users are ill-prepared for the incoming U.S. Commodity Futures Trading Commission’s over-the-counter derivatives market reforms, with only a small percentage ready to comply with swap dealer, trade reporting and external business conduct standards.

The reporting of collateral information to trade repositories is lagging behind global developments of trade data collection in the over-the-counter derivatives market.

Japanese regulators are unlikely to implement reforms around swap execution facilities, or organised trading facilities, in the near-term, despite such rules currently being pursued in the U.S. and Europe.