Derivs - People and Markets

Interdealer-broker ICAP has hired Andy Coyne, former head of fx prime and electronic-commerce products at Citigroup, as ceo of Traiana.

The Bombay Stock Exchange has turned to foreign banks and brokers, including Morgan Stanley and Interactive Brokers, to help lure foreign investors to its equity derivatives segment.

Asset managers, such as BlackRock and Pimco, as well as other non-banks, are increasingly clearing swaps, though many others are still hesitant as they are unsure how to justify the additional cost.

Sens. Jeff Merkley (D-Ore.) and Carl Levin (D-Mich.) have called on the heads of several U.S. regulators to close what they refer to as the “JPMorgan Loophole,” and urged them to “implement a stronger Volcker Rule without further delay.”

Interdealer-broker ICAP has agreed to acquire Plus Markets Group for GBP1, after the struggling U.K. exchange that has signaled it would close as it was having difficulty meeting capital requirements set by the U.K.’s Financial Services Authority.

Tina Lemieux is said to have left as managing director in charge of hedge fund and retail sales at CME Clearing.

The U.S. Securities and Exchange Commission has named James Burns as deputy director in the Division of Trading and Markets in charge of market oversight and operations, derivatives policy and trading practices.

Nomura has hired Tony Hayden as managing director and head of its newly-launched delta one business in the Americas in New York.

The U.S. Securities Market Coalition, along with the Options Clearing Corp., the Chicago Board Options Exchange and the Securities Industry and Financial Markets Association, have all warned the U.S. Department of Treasury not to allow the Internal Revenue Service to impose a dividend withholding tax on foreign options trades, arguing it could hurt the listed options market.

The White House is said to have intensified its talks regarding implementing the Volcker Rule in the wake of JPMorgan Chase’s reported losses.

European banks have has submitted a lobbying paper to the European Union’s Liikanen Commission, a task force formed to determine whether to adopt Volcker-like rules, arguing that such a measure would be detrimental to growth in gross domestic product and would have a “negative impact effect on banks’ ability to serve the real economy.”

A bipartisan group of senators have called on the U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission to act swiftly on curbing speculation in gas and oil.