Derivs - People and Markets

UBS has overhauled the senior management of its trading business, as Kevin Arnold, head of FX, rates and credit for the Americas, has been given a new cross-asset role that includes equities.

Mizuho International has hired an experienced banker in London to head its European flow derivatives business.

Since adjusting its currency fixing process on Tuesday, the People's Bank of China (PBoC) has overseen the biggest two-day depreciation in the yuan in more than two decades. HSBC has described the CNY swap market sell-off as counterintuitive — and sees current elevated rate levels as an opportunity, writes Maia Ririnui of Total Derivatives.

Nomura has cut at least 20 people from its credit trading business, according to two sources outside the bank, with the high yield business hit particularly hard.

Citigroup has hired Stephen Roti to head its global corporate equity derivatives team.

Jefferies has boosted its high yield trading business in London with the hire of a senior trader from Societe Generale.

Credit Suisse has moved fast to appoint a director in high yield sales at its London office after the retirement from the business of long-serving Emma Balaam.

In this round-up, RMB-denominated oil futures are to be open to foreign investors in China, the Brics-backed New Development Bank is to issue its first loan in RMB, and GF International has launched the first ETF based on the MSCI China A International Index in Asia.

Deutsche Bank has hired a credit index trader in London, reprising a business that it looked to have exited this year.

Bayside Capital, a credit investment firm and affiliate of private equity house HIG Capital, has lost a managing director and a founding member of its European credit platform.

UBS has added to its emerging market credit sales capabilities with a hire from Mizuho.

Citi has hired a high yield and distressed salesperson from Barclays to its Europe, Middle East and Africa loan sales business in London.