Derivs - People and Markets

Regulatory proposals for initial margin requirements for non-centrally cleared derivatives will severely impact liquidity and could increase systemic risk, according to trade associations.

Nicolas Andine, the ex-principal in credit, equity and mergers and acquisitions at StormHarbour Partners in London, has left the firm and joined Dubai-based Legatum Group, an investment group that offers asset management, private equity and research, amongst other areas.

A hedge fund made a profit in excess of USD20 million on a one-touch option on U.S. dollar/yen after the JPY83.00 barrier was hit during London afternoon trading Wednesday, according to traders, who declined to name the fund due to confidentiality agreements.

HSBC expects volume in its bespoke interest rate indices to double in 2013 on the back of increased client interest in Asia, Europe and the Middle East, and as it expands distribution further in the Americas.

Market participants in Asia are shifting focus from the extraterritoriality implications of the U.S. Dodd-Frank Act to the European Market Infrastructure Regulation, with concerns that many clearinghouses in the region may not be able to register under the E.U. rules.

The Chicago Board Options Exchange is appointing Edward Tilly ceo, replacing William Brodsky, who has been chairman and ceo since 1997.

Bevan Harris, an Asia rates trader at Credit Suisse in London, has joined Brevan Howard in a similar role, according to an official familiar with the move.

Wells Fargo has hired Chul Park from Mizuho Securities to work on its interest rates derivatives trading team.

Proposals from the British Bankers Association to discontinue nine tenors and five currencies in the London interbank offered rate framework should be delayed until March 2013, according to the International Swaps and Derivatives Association.

A lack of clarity in what U.K. regulatory authorities define as complex in relation to retail structured products is a serious concern for the industry, according to Timothy Hailes, chairman of the Joint Associations Committee.

VTB Capital has hired Lewis Wong as head of illiquid credit trading for Asia in Hong Kong in a new role.

The Futures and Options Association has hired Natasha Stromberg as manager of regulation in London.