Derivs - People and Markets

JPMorgan Chase is expected to claw back millions of dollars in stock from the staff of the London-based chief investment office, which was responsible for the bank’s massive losses from derivatives earlier this year.

Portugal’s Espirito Santo Investment Bank has expanded its debt capital markets business in the Americas with the hiring of Dennis Holtzapffel as head of DCM origination for Spanish speaking Latin America.

Sovereigns, such as central governments, sovereign wealth funds, central banks and other supranational institutions, are expected to embrace central clearing voluntarily and post collateral to bilateral commercial counterparties due to the indirect impact of regulation on bilateral derivatives pricing, according to a report on over-the counter derivatives reform by BNY Mellon.

Georges Assi, managing director and deputy global head of fixed income at Nomura in London, resigned yesterday.

Rules that stipulate how non-E.U. firms access and operate in the E.U., known as third country access provisions, could have a detrimental effect on the U.K. financial market as well as the E.U. financial sector if the current proposals are implemented, according to a report from the House of Lords European Union Committee on the updated Markets in Financial Instruments Directive.

Hassan Houari, head of equity derivatives structuring at Barclays in London, has left the firm and is set to join Deutsche Bank in a new role in London.

The Federal Reserve Bank of New York may have known of problems with the setting of the London interbank offered rate as early as August as 2007 and had discussed proposed changes to Libor with British authorities several months later.

Bloomberg has cleared the first non-deliverable forwards trades on its fx platform through CME Group. It’s the first such transaction between an fx trading platform and a clearinghouse for NDFs.

Aberdeen Asset Management has named Brett Diment, József Szabó and Oliver Boulind to replace the departed Jon Cunliffe as head of global macro strategy, Kieron Nutbrown as head of macro and Richard Dyer as head of global credit, respectively.

David Curtis, the former head of fx at Credit Suisse for the Asia-Pacific, has formed Northbridge Asset Management, a Sydney, Australia-based hedge fund, and plans to launch the Northbridge Park FX Macro Fund by October.

JPMorgan Chase has named Emily Portney, head of global futures and options, to head its newly combined derivatives and securities unit.

The Securities and Exchange Commission has appointed Paula Drake as chief counsel and chief compliance and ethics officer in the SEC's Office of Compliance Inspections and Examinations, effective Aug. 6.