Derivs - People and Markets

A provision of the Dodd-Frank Act requiring banks to spin off some of their riskiest swap trading such as uncleared credit default swaps, as well as energy and metal swaps, has been delayed until July 13, 2013.

Electronic fx trading hit 61% in the third quarter of 2011, up from 57% a year earlier, with the sharpest increase from 51% in 2010 to 60% last year, according to Greenwich Associates.

European Union regulators have begun investigating companies that trade derivatives linked to the Tokyo interbank offered rate for potential manipulation, expanding beyond its probes of activity tied to Libor and Euribor, according to Joaquin Almunia, the E.U.’s competition commissioner.

The Royal Bank of Scotland has made cuts in Asia equity derivatives, fixed income, fx and commodities businesses.

Barclays has named John Langley and Joe McGrath as co-heads of its global finance and risk-solutions business.

Deutsche Bank is said to have hired Jonathan Simon as managing director in equity-derivatives sales. Simon, who sources said will begin in about three months, most recently was managing director at Citigroup.

Markus Ferber, MEP and member of the European Parliament’s Economic and Monetary Affairs Committee, has rejected calls from the industry to redraft or replace an article in the Markets in Financial Instruments Regulation.

Introducing an identifier that would determine whether a UCITS exchange-traded fund is synthetic or physical would mislead investors, according to a letter from the Joint Associations Committee on Retail Structured Products to the European Securities and Markets Authority.

Hedge fund FX Concepts is considering adding portfolio management staff to its Singapore office.

Citigroup has hired Geoffrey Weber as a director in the interest rate swaps trading group in New York.

BNP Paribas has hired Claire Giddon from Citigroup as a senior equity lending trader and Valentina Crovato from LCH.Clearnet as a senior fixed-income trader.

Exchanges in the emerging markets of Brazil, Russia, India and China have begun cross-listing of derivatives.