Derivs - People and Markets

Deutsche Bank has executed the first series of renminbi option trades for Mengniu Dairy, as well as other Chinese corporates based onshore, under new regulation from China’s State Administration of Foreign Exchange, which became effective today.

Washington D.C.-based brokerage Matrix Capital Group is looking to launch a capped structured product that will track the Russell 2000 index via exchange-traded options, while using a unit investment trust-sponsored wrapper to help eliminate credit risk.

Investment management provider SEI has hired Paul Nevin, an ex-managing director in institutional structured sales at Credit Suisse in London, as a director and senior client portfolio manager in the firm’s institutional group.

CME Group will acquire Trayport and FENICS from GFI Group through a two-step equity transaction aimed at creating value for their stockholders as well as qualifying for tax-free exchanges of stock for both firms.

Market participants have continued to trade options on the euro against the US dollar, as the currency pair continues to move lower.

Overall credit default swaps notional that was reported to swap data repositories last week dropped by 30% from the previous week, according to data from the International Swaps and Derivatives Association. Overall interest rate derivatives trading that was reported, however, climbed by 19%.

The average daily volume total for over-the-counter fx instruments in the US was down by 0.6% in April versus October 2013, however, volumes in the UK were up 7% for the same period.

Ned Stiker, head of global macro derivatives product marketing for the Americas, at Morgan Stanley in New York, is set to retire after 16 years at the firm.

Anders Malcolm, ex-head of sales and business development for SEB Fund Services in Luxembourg, has joined Assenagon as managing director responsible for portfolio operations and risk control. He will be based in Luxembourg.

Open interest in interest rate swap futures on the Chicago-based futures bourse Eris Exchange has increased 401% year over year, with the second quarter of this year setting a new record.

Kim Stolz, vp in equity derivatives sales at Citigroup in New York, has left the firm and will join Bank of America Merrill Lynch as a director, Americas equity derivatives flow sales.

Jose Mosquera, ex-head of financials trading, and Rob Illingworth, ex-senior investment grade corporates trader, have both left HSBC in London, writes Hazel Sheffield.