Derivs - People and Markets

ADM Investor Services has hired around 10 futures and alternative asset management sales staff in New York. They have all been hired from Jefferies’ wound-down Bache division.

Deutsche Bank has picked John Cryan as its next leader after Anshu Jain and Jürgen Fitschen resigned as co-chief executives after a turbulent three year reign.

MarketAxess, the fixed income electronic trading platform, data and post-trade services provider, has hired veteran credit trader Scott Eaton as its chief operating officer for Europe.

European high yield credit has lost a key market-making banker, say sources, as Goldman Sachs has moved a big name trader to its distressed business.

Credit trading desks at banks have been swept by a tornado of job moves, as financial institutions specialists leave or jump to rival firms in a scramble to survive in a shrinking market.

Sellside and buyside traders alike have lauded initiatives to save credit default swap liquidity, following a collapse of volumes and an exodus of market makers from banks in London.

The Bank of England has launched a consultation which aims to come up with a rule to prevent counterparties to a firm in resolution from running away from derivatives contracts.

BNP Paribas is set to lose two experienced traders from its flow credit business in London.

The latest move to liberalise China's markets has improved risk appetite and backed paying interest in CNY swaps. Early steepening in the 1s/5s slope has pushed payers down the curve from five years to the three year tenor, writes Deirdre Yeung of Total Derivatives.

Dealers representing more than 60% of the foreign exchange market have pleaded guilty to criminal charges in the US. Citi, JP Morgan, Barclays, Royal Bank of Scotland and UBS have all entered guilty pleas over their foreign exchange conduct on Wednesday.

A senior financial credits trader at JP Morgan in London is set to leave his post at the bank, say market sources.

UBS has paid another $545m in fines for Libor and FX manipulation, as well as pleading guilty to its to wire fraud related to Libor. The bank has provisioned for these fines, and expects to shrug off the payments in its second quarter numbers.