Derivs - People and Markets

Credit Suisse has revived a practice it adopted during the financial crisis in 2008 of awarding senior employees part of their bonuses in derivatives-backed bonds, a practice that helped the Swiss firm to unload risky assets.

Russia’s Rosbank has appointed Juergen Grieb deputy chairman of its the management board in charge of capital markets and investment banking.

A specially convened determinations committee of the International Swaps and Derivatives Association has unanimously decided that Eastman Kodak’s bankruptcy filing is a credit event that could trigger a payout of some USD789 million in credit default swaps referencing the Rochester, N.Y.-based company.

Cowen Group has expanded its investment-banking business in Asia with the hiring of David Lu as managing director and deputy head of its China-based investment banking and Margaret Li as a director in its technology group.

Morgan Stanley posted a gain of USD600 million in the fourth quarter by restructuring a derivatives contract that reduced its exposure to peripheral European countries by more than a half.

BNY Mellon has appointed Nadine Chakar as head of its Derivatives360 business.

ELX Futures has hired Richard Jaycobs will succeed Neal Wolkoff as ceo. Jaycobs previously was president of the Cantor Exchange.

BNP Paribas has hired Jazil Ghias as a director in emerging markets equity derivatives sales in New York.

Aaron Comerford, counsel in Allen & Overy’s derivative practice in Tokyo, has moved to Clifford Chance.

Morgan Stanley reported a fourth-quarter loss of USD275 million, attributed in part to the USD1.7 billion it paid to bond insurer MBIA to settle lawsuits related to credit default swaps.

The U.S. retail fx industry is slowing down, with the number of non-discretionary retail fx accounts held with U.S. brokers in the fourth quarter at their lowest level since the third quarter of 2010.

Canadian Imperial Bank of Commerce has hired Nadim Siddique as managing director and head of equity derivatives for the U.S. in New York.