Derivs - People and Markets

CME Group has signed a memorandum of understanding with the Bank of China to explore potential long-term collaborations.

Cantor Fitzgerald said it is planning to refocus and grow its investment-banking business.

Interdealer brokerage GFI Group has named Richard Giles to succeed the departing James Higgins as head of its North American fixed-income brokerage operations.

Greece has not yet triggered a credit event and buyers will therefore not receive a payout on credit default swaps, the Europe, Middle East and Africa determinations committee of the International Swaps and Derivatives Association said this morning.

Incapital has named Brian Jones as managing director and to the new position of head of its financial services group.

Foreign multinational investment banks in India are sitting on the sidelines in the new credit default swap market. They’re not willing to take on the cost of collateralizing the deals and so aren’t targeting the market in any way, according to market officials.

NYSE Liffe U.S. has begun offering options on gold and silver options on its mini futures contracts.

Asian information delivery platform KVH has teamed up with Informational-technology provider Koscom to offer proximity hosting services for derivatives trading customers of the Korean Stock Exchange.

Bursa Malaysia has launched a new clearing and settlement system for derivatives.

Bond insurer Ambac Financial Group has submitted an offer to the U.S. Internal Revenue Service to pay more than USD100 million and surrender tax credits to settle a dispute over taxes related to losses it incurred from insuring subprime credit default swaps.

Credit Agricole is planning to close five of its corporate and investment-banking offices in Asia as a cost-saving measure.

Wells Fargo Securities has hired Eric Fornell as vice chairman of energy and power in its investment banking and capital markets division.