Derivs - People and Markets

Daniel Mitchell, an ex-emerging markets fx options trader at the Royal Bank of Scotland in London, is joining Citigroup in a similar role in London.

JPMorgan has hired James Gething, an ex-fx options trader at the Royal Bank of Scotland in London, as co-head of fx options trading for Central & Eastern Europe, Middle East and Africa, also in London.

Jonathan Powell, an ex-fx options trader at Barclays in London, is set to join Goldman Sachs in a similar role, according to an official familiar with the move.

Tim Hawkins, a senior euro interest rates swap trader at Morgan Stanley in London, is set to join Bank of America Merrill Lynch as a director and head of gilts trading, also in London.

Banks should employ risk mitigation regimes to identify, measure, monitor and control replacement cost risk for fx transactions until settlement has been confirmed and reconciled, according to the Basel Committee on Banking Supervision.

With reforms stemming from the Dodd-Frank Act in the U.S. and regulation in Europe and Asia Pacific growing nearer, Cadwalader, Wickersham & Taft’s deep regulatory knowledge base and expertise in commodity, equity structured products, credit derivatives and fixed income set itself apart from its competitors over the last year.

Peter Lindsey, managing director and head of delta one for Asia at JPMorgan in Tokyo, has relocated to Hong Kong.

Ross Beaney, head of strategic trading at Commonwealth Bank of Australia in Sydney, has been made acting head of trading and equity derivatives.

Japanese dealers will have a pricing advantage over foreign firms as they will not have to include credit valuation adjustments into their risk management capital ratios for domestic yen-denominated derivatives when new Basel III standards are enforced in March.

Ahmed Kachenoura, the ex-global head of sales, flow and delta-one at Crédit Agricole Corporate and Investment Bank in Paris, has joined the Royal Bank of Canada as head of Europe, the Middle East and Africa trading for global equity-linked products in London.

Hedge funds are urging the European Securities and Markets Association to include a straight-through-processing standard in the final regulatory technical standards for over-the-counter derivatives, central counterparties and trade repositories. The funds argue that an STP standard would reduce systemic risk and create an open and competitive market.

South Korean over-the-counter derivatives are continuing to grow, despite a restrictive regulatory environment in the country designed to dampen the market.