Derivs - People and Markets

Standard Chartered has hired Daren Hill, a former director and coo in fx prime brokerage at Citigroup in London.

UBS has hired Evan Li, a former associate at PIMCO in Singapore, as an Asia G3 credit trader.

The Financial Conduct Authority has formally authorized ICE Benchmark Administration, part of the IntercontinentalExchange Group, to take over administration of LIBOR from Feb. 1, 2014.

Hedging corporate balance sheet risks may be a struggle under the Markets in Financial Instruments Directive agreed by E.U. member states and the European Parliament on Tuesday, which introduces a market structure framework to close loopholes and ensure most trading takes place on regulated platforms.

Market participants have rallied against market abuse regulatory proposals arguing the measures on so-called cleansing insider information could force deals to price without the benefit of soundings, which help sellers gauge the pricing, size and structure of a deal by talking to investors prior its announcement.

The Shanghai Clearing House has cleared its first renminbi interest rate swap, a deal between Industrial and Commercial Bank of China and the Shanghai Pudong Development Bank.

The International Swaps and Derivatives Association and China’s National Association of Financial Market Institutional Investors have talked about cooperating on areas of interest. It’s a detente following a period of frosty relations.

Chinese authorities intend to allow the use of cross border renminbi derivatives for hedging purposes by financial institutions operating in the Shanghai free trade zone, according to market officials.

The International Swaps and Derivatives Association has appointed external counsel to produce a memorandum updating its clients on China’s close out netting rules.

Standard Chartered is looking to launch a distribution platform within two months for a number of tradable custom indices, which will reference varied asset classes including equity, credit and high yield.

The Clearing Corporation of India, which operates the country’s nascent over-the-counter central counterparty, will issue globally compatible legal entity identifier numbers to entities which are party to a financial transaction.

European banks may be required to limit their derivatives products to centrally cleared interest rate, fx and credit derivatives to non-financial clients under new legislation on proprietary trading being considered by the European Commission.