Derivs - People and Markets

New York-based M.R. Beal and Atlanta-based Jackson Securities have announced that the two minority-owned investment banks will merge, subject to regulatory approval.

Smaller hedge funds based in Asia are the least prepared to comply with incoming U.S. over-the-counter derivative rules, which the U.S. Commodity Futures Trading Commission is expected to publish Aug., according to lawyers.

The Bombay Stock Exchange has begun a pilot program to trade a new derivatives product known as a cash-future spread with an Aug. 6 launch date scheduled.

American International Group’s SunAmerica Financial Group has agreed to acquire Woodbury Financial Services, the Minnesota-based independent broker-dealer from Hartford Financial Services Group.

Barclays, Credit Suisse and UBS are among European banks that have sharply reduced their exposure to commodities trading to ease demands on their capital levels.

Andy Wilkins has left as head of delta one products at Sucden Financial, the London-based futures and commodities brokerage, which he joined in December 2010 from BBVA.

Tullett Prebon has dropped plans to acquire Elevation, the New York-based equities and equity derivatives interdealer-broker, after the two sides were unable to reach an agreement on final terms of the deal, which was supposed to have closed by the end of first half of the year.

Deutsche Bank has named Ravneet Gill, its former head of capital markets and treasury solutions, to succeed Gunit Chadha as ceo of its India operations.

Nicolas Pocard and Robert Timsit, ex-equity brokers at GFI Group, have joined London-based interdealer broker Forte Securities in new equity derivative sales roles.

Australia is still lacking clear guidance from regulators on dealer’s use of client money as margin collateral for retail over-the-counter derivatives, the last missing piece in the overhaul of the country’s risk management regime, according to lawyers.

Max Nelte, global head of custom index structuring at the Royal Bank of Scotland in London, is relocating to Hong Kong.

The Royal Bank of Scotland is said to be in talks with authorities for a deal related to its alleged involvement in the manipulation of the London interbank offered rate.