Derivs - People and Markets

Société Générale will repay over USD11 million to clients of its wealth management division after the Hong Kong Securities and Futures Commission reprimanded the dealer for allegedly not disclosing certain fees and charges in secondary market transactions of over-the-counter bonds, options and structured notes.

China’s National Association of Financial Market Institutional Investors is looking to bolster the creation of new credit risk management products via a new financial derivatives professional committee.

Ben Bernanke, the chairman of the Federal Reserve, testified before Congress that the London interbank offered rate is “structurally flawed,” and poses “a major problem for our financial system and for the confidence in the financial system.”

The Bombay Stock Exchange has announced it will debut derivatives contracts on the BSE-100 index for trading on its futures and options contracts.

Deutsche Bank has launched an updated fx trading platform on its Autobahn system.

Buysiders should not panic over differences between U.S. and Europe clearing regulations, according to Stuart Heath, head of Eurex’s U.K. office.

The Depository Trust and Clearing Corp. testified before a Senate committee that it is fully prepared to meet the September deadline for compliance with new swap data reporting requirements in the Dodd-Frank Act.

The London Stock Exchange’s revenue from capital market activity fell 15% in the second quarter, marking the first time that business was not its largest single source of income.

NYSE Euronext has scrapped plans to create a Web-based derivatives market in Europe for retail investors in contracts for difference.

India’s Ambit Corporate Finance has named Premal Doshi as head of equity capital markets.

Cantor Fitzgerald has hired Saurav Chatterjee as managing director to head its cash equity sales team and to expand its equities trading business in Japan.

Andrew Hunter has left as co-head of Macquarie’s financial institutions group, leaving Marianne Birch solely in charge.