Derivs - People and Markets

Regulators must create a harmonized, robust derivatives system across domestic borders to avoid a race to the bottom on issues such as margin requirements, according to Martin Wheatley, chief executive of the Financial Conduct Authority in London.

The Financial Conduct Authority has fined JPMorgan GBP137,610,000 (USD220 million) for serious failings relating to its chief investment office’s USD6.2 billion London Whale trading losses, that were sustained last year.

Selim Mehrez, ex-global head of financial engineering, equities, at Morgan Stanley in London, is joining Natixis in Paris, in a similar role.

Louis Curran, managing director and head of institutional sales, Asia, at UBS in Singapore, has resigned from the firm.

Wells Fargo has requested that the European Securities and Markets Authority enables third country branches to choose which regulation transactions should be subject to when entering derivative contracts between local branches of third country entities.

ANZ has become the first Australia-based member of LCH.Clearnet’s SwapClear interest rate swap central clearinghouse and has cleared its first trade.

Only a few financial firms that have signed up to the Hong Kong Trade Repository are submitting trade data, with the rest of the counterparties waiting until December when mandatory interim reporting is enforced.

Macro Risk Advisors, a boutique broker-dealer based in New York, has hired Danny Dayan as an interest rate strategist, in a newly created role.

Lloyd Michaels, head of delta one sales for Asia at Société Générale in Hong Kong, has relocated to London after being promoted to a new role.

BNP Paribas has made additions to its equity derivatives sales and trading team in New York.

Ed Steel, managing director and global head of equity derivatives trading at Standard Chartered in Hong Kong, has relocated to the firm’s London office.

Pricing bilaterally traded over-the-counter derivative contracts that are entered into following the enforcement of the frontloading obligation under the European Market Infrastructure Regulation could result in market dislocation, according to the International Swaps and Derivatives Association and the British Bankers’ Association.