Derivs - People and Markets

Emmanuel Duclos, managaing director and head of European credit sales at UBS in Paris, has left the firm.

The Chicago Mercantile Exchange has named Sung Jee Hong to the new position of executive director and head of Korea.

Investors in Credit Suisse’s VelocityShares Daily 2X VIX Short Term ETN have filed a class action against the Swiss bank alleging that pricing information for the ETN contained false statements and omitted facts that resulted in misleading statements.

Florent Combes has resigned as head of rates for Ecofi Investissements to become head of rates and fx at Assurances Credit Mutuel.

Swiss & Global’s Julius Baer Smart Equity ETF, said to be one of the first actively managed exchange traded funds in Europe, will not use derivatives.

Morgan Stanley sharply increased the percentage of derivatives in its bank to 5.1% in the first quarter, from 3.3% at the end of 2011.

JPMorgan Chase’s London-based chief investment office is continuing its strategy to invest in derivatives that were behind massive losses earlier this year, though they represent a small part of its portfolio.

Alexandre Capez, head of structured volatility at Nomura in London, has left the firm and is set to join Occitan Capital Management to develop volatility strategies within its Master Fund.

Ben Shooter, a managing director and head of global currencies and emerging markets sales at Credit Suisse in London, is joining JB Drax Honoré, a LIFFE short-term interest rate options broker, in a similar role.

The People Databank is a new feature from Derivatives Week/Derivatives Intelligence tracking the trends in staffing in the market. See which firms are hiring and which staffers are on the move.

Members of the U.K. Parliament have accused major banks, including Barclays, HSBC and Royal Bank of Scotland, of engaging in a systematic effort to mis-sell interest rate swaps.

Credit default swap spreads on Morgan Stanley narrowed 28 basis points to 353.3 bps, its lowest intra-day basis since May 4, after Moody’s Investors Service announced downgrades of 15 major banks with capital markets operations.