Derivs - People and Markets

Structured product issuers in Asia need to develop communication lines with program directors based in Europe to insure their deals are compliant with the new European Prospective Directive, according to lawyers.

Bank of America is poised to slash an estimated 300 jobs in its investment banking and capital market groups as a cost-cutting measure under its Project New BAC.

Credit default swap spreads on JPMorgan narrowed to its lowest level in two months today before widening slightly. The investment bank said it closed the derivative group that caused its USD4.4 billion in losses.

Goldman Sachs has appointed Steven Barg as co-head of investment banking for Southeast Asia along with Hsin Yue Yong.

The Hong Kong Investment Funds Association has called on regulators to slow down in adopting regulations for over-the-counter derivatives and should wait until they get more clarity on measures being finalized in the U.S. and Europe.

Global banks are reducing the credit valuation adjustment charge on derivatives transactions as imposed by the Basel Committee on Banking Supervision by using cash deposited with them by corporate clients as collateral.

Ignis Asset Management is planning a July 31 launch of its Absolute Return Credit Fund, which will invest in global opportunities and investment grade to high-yield credit through liquid credit default swaps.

Global investment bank Moelis & Co. has named Manisha Girotra as ceo of Moelis India.

Welsh derivatives firm OSTC Wales is expanding its operations outside of London with the hiring of more than 132 staffers for an office in Swansea through the hiring of new graduates between 2013 and 2017.

The Managed Funds Association has called on the European Securities and Markets Authority to introduce a real-time acceptance within technical standards of the European Market Infrastructure Regulation.

A move by the European Securities and Markets Authority to set the clearing thresholds per asset class for non-financial counterparties was criticized by BP and Shell officials at a public hearing in Paris Thursday.

The European Securities and Markets Authority will look closer at the argument for an exemption of fx forwards from clearing requirements under the European Market Infrastructure Regulation and will discuss the issue further with U.S. regulators.