Derivs - People and Markets

Markus Ferber, MEP and member of the European Parliament's Economic and Monetary Affairs Committee, has published a long-awaited draft legislative report on the Markets in Financial Instruments Directive.

Tokyo-based AI Investment Advisors posted losses of USD1.3 billion on its equity and bond derivatives investments and as result has lost most of the pension funds it was managing.

The Italian city of Milan has reached a settlement with JPMorgan Chase, UBS, Deutsche Bank and Depfa Bank under which the banks agree to unwind interest-rate swaps at a discount in exchange for dropping civil claims against them.

Credit Suisse has named James Amin as sole head of global investment banking following the departure of co-head Luigi de Vecchi for a sabbatical.

Credit Suisse has reopened issuance of VelocityShares Daily 2x Long VIX Short-Term ETN on a limited basis, beginning March 23 after a four-week break.

National Australia Bank’s move to unload six synthetic collateralized debt obligations has cost it more than AUD300 million (USD313.4 million) for an effective loss rate of 50%.

Achieving status as a swap execution facility is no guarantee of success despite regulations forcing central clearing that will create new opportunities, according to Celent.

Industry officials say that the U.K. Financial Services Authority is addressing the right issues in its final guidance on structured products issued today.

The U.K. Financial Services Authority has published its final guidance for structured products, which sets out criteria that firms should meet when designing and distributing products.

David Rosa, managing director and head of credit trading and structuring, Asia Pacific at Citigroup in Hong Kong, is leaving the firm.

The European Securities and Markets Authority must harmonize its technical standards on over-the-counter derivatives, central counterparties and trade repositories with other regulatory proposals globally, according to a number of financial institutions.

Morgan Stanley has asked the Italian Treasury to pay it EUR2.57 billion (USD3.4 billion) for canceling billions in outstanding derivatives contracts earlier this year under an “additional terminations events” clause.