Derivs - People and Markets

Pre-trade transparency rules in the Markets in Financial Instruments Directive will be virtually impossible to apply to many trades, including some OTC derivatives, according to Rob Ford, a partner at GBP1.8 billion fixed-income manager TwentyFour Asset Management in London.

The planned financial transaction tax could lead to direct costs as high as EUR40 million if those corporates are defined as financial institutions under the terms of the tax, according the European Association of Corporate Treasurers.

Mark Valentine, Europe, Middle East and Africa head of the packaging group within Citigroup’s multi-asset structuring business in London, has left the firm after less than a year.

The European Commission has instructed the European Securities and Markets Authority to produce draft regulatory standards on the cross-border application of the European Market Infrastructure Regulation by Sept. 25, 2013.

Mainland Chinese securities firms are not using the recently released Securities Association of China master agreement, opting instead to use the National Association of Financial Market Institutional Investors contract due to regulatory uncertainty, according to officials.

John McCormick, ceo of markets and international banking, Asia Pacific, at the Royal Bank of Scotland in Hong Kong, has left the firm.

Jean-Jack Badet, formerly managing director of Tradition in Lausanne, Switzerland, has been hired by BGC Partners to head the firm’s financial products business in Nyon, Switzerland.

The Depository Trust & Clearing Corporation and Euroclear have created a joint processing service to aid firms in mitigating risks and costs that are associated with collateral management. The joint service will offer automatic transfer and the segregation of collateral based on agreed margin calls relating to over-the-counter derivatives and other collateralized contracts.

Peter Lindsey, managing director and head of delta 1 for Asia at JPMorgan in Hong Kong, has left the firm.

The Commodity Futures Trading Commission, pursuant to the Dodd Frank Act, has implemented rules which require that all swap counterparties report and keep record of certain swap data.

Dominique Blanchard, former managing director and global head of derivatives and convertible bonds at Daiwa Capital Markets in Hong Kong, has joined ANZ.

Credit default swap contracts with foreign counterparties dropped to USD18.963 trillion at the end of last year, from USD21.572 trillion in H1 2012, according to the Bank of International Settlements.