Derivs - Interest Rate

Société Générale and Credit Agricole Corporate Investment Bank are not doing business with GFI because the interdealer broker is in the process of hiring around 40 officials from the derivative and securities brokerage Newedge.

BNP Paribas has hired Deron Goodwin in a new role as managing director in corporate fx sales in New York.

LCH.Clearnet’s interest rate swaps clearing arm, SwapClear, plans to roll out clearing for amortizing swaps in the U.S. by the first quarter of next year, according to Daniel Maguire, executive director and in New York.

Observers are raising questions about a little discussed part of Hong Kong’s over-the-counter derivatives reform plan: small automated trading systems will be allowed to act as designated central clearing counterparties.

Hong Kong’s proposed version of a local trade repository with links to a larger global repository is the most efficient solution for future over-the-counter derivative data management in smaller Asian markets.

Nasdaq OMX is said to be planning to launch a European derivatives trading platform to trade interest-rate derivatives in London to compete with Deutsche Boerse, NYSE Liffe and the London Stock Exchange.

Todd Steinberg, senior managing director and global head of derivatives delta one at Macquarie Securities in New York, has resigned from the firm this week.

Hong Kong's central clearing counterparty plans to standout as a regional clearing house by focusing on asset classes not already catered for by other domestic CCPs, with a strong focus on offshore renminbi-denominated products, according to Mandy Chan, v.p. and head of over-the-counter clearing operations at the Hong Kong Exchanges & Clearing.

Central clearing houses in Asia will scramble against each other to secure cash from near defaulting counterparites if fragmentation and extra-territoriality issues are not settled among the region's regulators, according to Stephen O'Connor, chairman at the International Swaps and Derivatives Association.

Credit Suisse has made a slew of redundancies in its fixed income business over recent days.

Kotak Mahindra Asset Management, an asset manager based in Mumbai, is planning to launch a series of mutual funds that can use fixed income derivatives, such as interest rate and credit default swaps, to hedge interest rate and credit risk.

Ferruccio Ferrara, the former head of rates sales for Europe, Middle East and Africa and Asia at Bank of America, and Giuseppe Galimberti, the former deputy general manager at Banca IMI, have launched a hedge fund company. The firm, called Negentropy Capital Partners, received regulatory approval from the U.K. Financial Services Authority two weeks ago.