Derivs - People and Markets

Three Russian banking associations are considering amending the country’s master agreement that governs termination risk and the subsequent close-out netting provisions.

Imran Lakha, the ex-head of European index options trading at Bank of America Merrill Lynch in London, is set to join Citigroup as a senior equity index options trader, also in London.

The International Swaps and Derivatives Association has been approved as an affiliate member of the International Organization of Securities Commissions at the regulatory association’s recent board meeting in Sydney.

Hedge funds and other asset managers are jumping in to put spreads and digitals on the U.S. dollar against the offshore Chinese renminbi.

The International Swaps and Derivatives Association Credit Determinations Committee has decided a credit event occurred at Dex One and Supermedia.

Kevin Holmes, head of U.S. dollar interest rate options trading at Bank of America Merrill Lynch in New York, has left the firm.

Yohann Freoa, a senior equity derivatives trader at Goldman Sachs in London, is set to join BlueCrest Capital Management in a similar role.

Nicholas Brophy, head of U.S. dollar interest rates trading at Citigroup in New York, has left the firm.

Pension funds do not have the cash needed to provide margins to central counterparties, and therefore the temporary exemption from the clearing obligation under the European Market Infrastructure Regulation is warranted, according to Steven Maijoor, chair of the European Securities and Markets Authority.

Charles Chiang, former director and head of equity derivative flow trading at Citigroup in Hong Kong, has rejoined JPMorgan to work in a senior delta 1 trading position, also in Hong Kong.

The industry is concerned that product intervention rules will have a detrimental effect on innovation and may risk in firms limiting their offerings to vanilla products.

David Lam, managing director and head of structured product sales at Nomura in Hong Kong, left the firm Friday.