Derivs - People and Markets

Sheila Bair, former chair of the Federal Deposit Insurance Corp., has been named to head the Systemic Risk Council, a private volunteer group formed to monitor regulatory reform of the U.S. capital markets.

Bank of America Merrill Lynch has named Patrick Steinemann and Richard Zhan as co-heads of industrial investment banking in Asia.

Royal Bank of Canada has hired Gregory Steele as a high-yield U.S. bond trader.

Lawrence Rascio, senior interest rates derivatives trader and portfolio manager at hedge fund NineAlpha Capital in New York, has left the firm.

The Depository Trust & Clearing Corporation plans to open an office in Japan officially in June-or-July, but it may not be ready for the Nov. 1 start for mandatory clearing and reporting of over-the-counter derivatives.

Lorne Kerr, director of equity derivatives sales focusing on hedge funds at Societe Generale in New York, has left the firm.

Robert Doll is retiring as chief equity strategist at BlackRock, which he joined in 2006 from Merrill Lynch.

U.S. District Judge Victor Marrero of New York has preliminarily approved a proposed USD45 million settlement between JPMorgan Chase and a class of municipal and government agencies in multidistrict litigation over the investment bank’s alleged conspiracy to fix prices and rig bids for municipal derivatives.

JPMorgan Chase may record USD4.2 billion in trading losses in its chief investment office in the second quarter, according to International Strategy & Investment Group.

Russia’s Troika Dialog has named Evegeny Ageshin as head of fixed income, currency and commodity sales. Ageshin formerly worked at rival VTB Capital.

Credit Suisse has named Kevin Meehan global head of prime funds services, relocating him from Hong Kong to London, effective this summer, and has appointed Myo Schollum, current head of Asia prime brokerage sales, to succeed him.

Allan Bedwick, the former head of global macro proprietary trading at Lehman Brothers, is closing his USD120 million Asia-focused global macro hedge fund after 2-1/2 years.