Derivs - People and Markets
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The U.K.’s Financial Services Authority has added National Australia Bank’s U.K. unit for review for alleged mis-selling of interest rate swaps.
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The U.S. Financial Stability Oversight Council has determined that the IntercontinentalExchange’s ICE Clear Credit, its credit default swap clearinghouse in North America, is systemically important.
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The global investigation by regulators into manipulation of interest rates is focusing on traders at Deutsche Bank, HSBC, Société Générale and Crédit Agricole.
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Central bankers will consider “radical reform” of the London interbank offered rate when they meet at the Bank for International Settlements in September, according to Mervyn King, governor of the Bank of England.
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Crédit Agricole Corporate and Investment Bank has joined CME as an over-the-counter derivatives clearing member for interest rate swaps.
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The China Derivatives Exchange has begun clearing over-the-counter interest-rate swaps through its CHEDEX Clearing Partners unit.
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Deutsche Bank is expected to reduce its investment banking staff by 10% as financial market activity slows amid the European debt crisis.
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John Ewan has left as director in charge of managing the London interbank offered rate at the British Bankers’ Association to become head of business development of benchmark operations at Thomson Reuters.
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Morgan Stanley reduced the compensation pool for its investment banking staff in the first half of the year by 15% to USD3.53 billion.
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Marc Zuccaro has left as managing director and head of electronic trading for Europe, the Middle East and Africa at RBC Capital Markets in a restructuring of its equities business.
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Moscow-based VTB Capital has appointed Nikolay Podguzov as head of fixed-income research.
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Citigroup is planning to cut another estimated 350 jobs in its securities division, which includes investment banking and trading, above the 1,200 staff reduction announced earlier this year.