Derivs - People and Markets

A potential mismatch could arise if Japan’s Financial Services Agency looks at using trust accounts for the segregation of client collateral when it implements the Basel Committee on Banking Supervision and the International Organization of Securities Commissions’ margin requirements for non-centrally cleared derivatives, according to market officials.

The results of the Global Derivatives Survey have been revealed. Subscribers can view the rankings of sellsiders, interdealer brokers and law firms active in the global derivatives market.

Yann Le Her, head of equity derivatives trading, Americas at HSBC in New York, is relocating to the firm’s Paris office.

Global consistency in over-the-counter derivatives legislation may not be possible, according to Steven Maijoor, chair of the European Securities and Markets Authority.

Bank of America Merrill Lynch has hired Snigdha Singh, ex-interest rates trader at HSBC in London, as head of sterling rates trading.

VTB Capital has hired Dimitrios Kavvathas, the ex-co-head of securities distribution and head of structuring, Asia Pacific ex-Japan at Goldman Sachs, as head of global markets for Asia Pacific in Hong Kong.

The Monetary Authority of Singapore has proposed product highlight sheets for convertible bonds where a prospectus is required to be issued. The regulator is aiming to improve the accessibility and readability of prospectuses, and encourage better understanding of a product’s key information.

The central banks of the U.S. and Japan will not be required to comply with EMIR reporting and clearing requirements after the Council of the European Union approved a European Commission act calling for their exemption.

Ex-Deutsche Bank interest rate staffers Paul Swaddling and David Martins da Silva have launched Prism Financial Products, a buyside brokerage. Christopher Rokos, the ex-co-founder of Brevan Howard, is also involved in the launch, according to a U.K. Companies House filing.

Ashley Wilson, global head of equity finance and head of prime services at Barclays in London, has left the firm.

The International Swaps and Derivatives Association has published a protocol that enables parties to amend the terms of covered transactions to address future rate discontinuations.

Banco Bilbao Vizcaya Argentaria has tapped Mark Warms, ex-global head of sales at FXall, as head of fx sales U.S., based in Houston.