Derivs - People and Markets

Moscow-based Otkritie Capital has named Pavel Dubovets as sale director of derivatives. Dubovets formerly worked in equity sales at Troika Dialog.

Krishna Rao, co-head of global equity derivatives trading at Goldman Sachs in London, has retired.

Banks have threatened to stop quoting swap prices for European Investment Bank because it has refused to post collateral for its derivatives transactions.

The Brazilian real traded 3% higher against the U.S. dollar after the nation’s central bank sold all its 60,000 fx swaps offered at auction.

FlexTrade Systems has acquired Derivix, an options software provider for the equities and derivatives markets.

The U.K.’s Financial Services Authority has reached an agreement with Barclays, HSBC, Lloyds Banking Group and the Royal Bank of Scotland that calls on the banks to compensate customers for loan-insurance products mis-sold to them, including interest-rate derivatives.

Baring Asset Management is expanding its fixed income business in Asia with new products and introducing existing ones to new markets, according to Sean Chang, its new head of Asian debt investment.

Interdealer-broker ICAP has eliminated 70 jobs in London in a move to cut costs by GBP50 million (USD77.5 million) in 2012.

JPMorgan is expected to post losses of USD5 billion in its second-quarter earnings report from its derivatives trades through its London chief investment office, far below the USD9 billion projected in media reports.

NYSE Euronext has announced that LIFFE Administration and Management, its London derivatives market, has terminated its clearing relationship with LCH.Clearnet.

Daiwa Capital Markets is shifting its business to target its home market of Japan.

The Hong Kong Exchanges and Clearing, Shanghai Stock Exchange and Shenzhen Stock Exchange have teamed up to expand China’s capital markets, including the development of index-linked and other equity derivatives products.