Derivs - People and Markets

Brazil’s BM&F Bovespa has announced it will merge four existing clearing houses into a single integrated central counterparty by 2014 with an eye to improving margin efficiencies by 30% to 40%.

China Galaxy Securities has increased the number of futures traders at its Hong Kong-based desk by 20 in recent months after the government announced it was easing rulings allowing domestic investors to trade on foreign markets through Hong Kong.

JPMorgan Chase is said to be restructuring its chief investment office by spinning out its special investment group, which will be barred from investing in credit derivatives.

Barclays said it has cleared more than USD1 trillion in client swaps through LCH.Clearnet, CME Group and Intercontinental Exchange since the end of 2009, reflecting growing voluntary demand from customers before it is mandated.

Spain’s Banco Bilbao Vizcaya Argentaria has named Paul Lai as head of investment banking for Hong Kong and Greater China.

UBS has named Andrea Sambo head of European fixed income, currencies and commodities structuring.

The International Swaps and Derivatives Association has stepped up preparations for the potential exit of a member state from the eurozone.

Nick Beckmann, head of European credit flow trading at BNP Paribas in London, has resigned.

The Federal Reserve has put on a hold a decision whether to allow Morgan Stanley to move a portion of its derivatives portfolio to its banking subsidiary, which credit agencies have rated higher than the company as a whole.

VelocityShares, an exchange-traded products and customized tail risk strategy advisor in Darien, Conn., has hired Daniel Saieh as managing director and head of Latin American sales in Darien. The hire, announced today, comes on the back of two other additions to its distribution team.

NYSE Euronext is eliminating the position of head of global derivatives, now held by Garry Jones, as part of an organization alignment.

Bank of America Merrill has named Chris Lees to head sovereign/supranational/agency and its financial institutions syndicate desk.