Derivs - People and Markets

Daniel Palmer, global head of corporate equity derivatives and vice chairman of capital markets at Morgan Stanley in London, has left the firm.

Approaches to applying prudent valuation requirements to trading positions, set out by the European Banking Authority under the draft capital requirements regulation, are unnecessarily prescriptive and formulaic, according to a number of trade associations.

Justin Yang, managing director and co-head of credit sales at UBS in Hong Kong, has left the firm.

The International Swaps and Derivatives Association, together with members in Japan and the Asia Pacific, are looking to update the equity Master Confirmation Agreements for index variance equity swaps used across the region.

Brevan Howard has tapped another interest rates sellsider, its most senior yet. Riyaz Daya, managing director and global head of short-term interest rates trading at UBS in London, is joining the USD39 billion hedge fund in a similar role.

The governance of the Euribor-European Banking Federation needs to improve, particularly in the structure of its steering committee, according to the European Securities and Markets Authority and the European Banking Authority.

The Singapore Exchange is looking at clearing Asian over-the-counter equity derivatives via its clearinghouse. It already clears some interest rate and commodity deals.

Makram Fares, the ex- co-head of European equity sales and equity derivatives at Nomura in London, is set to launch his own interdealer broker and advisory firm.

Vee Leung Phan, head of fx and interest rates trading for emerging markets at Morgan Stanley in Hong Kong, left the firm a few weeks ago.

The European Securities and Markets Authority has sent a report to the European Parliament, European Council and European Commission that details the additional resources and staff that it requires to carry out its responsibilities under the European Market Infrastructure Regulation.

UBS in Tokyo has decided to halt trading of fixed income derivatives with U.S. counterparties and clients. A number of firms have taken similar steps to limit the chance of running afoul of the new Dodd-Frank rules, according to one market official.

Rob Heck, head of European equity flow derivative trading at Barclays in London, has left the firm.