Derivs - People and Markets

The Singapore Exchange has proposed dropping its so-called engine-level iceberg order functionality, which allows large orders of securities and derivatives to be released gradually into the market, saying eliminating it would enhance market transparency.

CME Group reported that its average daily derivatives trading volume rose 10% in 2011 to a record 13.4 million.

Eurex reported that 2.8 billion derivatives were traded on the exchange last year, a 7% increase from 2010.

JPMorgan Asset Management India has named Namdev Chougule as head of fixed income.

Royal Bank of Scotland is said to have retained Lazard to advise on reducing the size of its investment-banking operations, which may include an option to sell part of them.

Christiane Mandell, head of institutional sales across all asset classes and products for the Americas at Standard Chartered in New York, has left the firm.

Ulrich Schlumberger, the former global head of emerging market equity derivatives trading and global head of equity delta one at Dresdner Kleinwort, has landed at VTB Capital in a newly-created London slot as global head of delta one.

Two London-based credit derivatives traders, Mustafa Khalid and Hannes Wilhelm, left Credit Suisse approximately one month ago.

Keefe, Bruyette & Woods has expanded its investment-banking staff with the hiring of James Harasimowicz and Joseph Gulash as managing directors in its depository investment banking group.

VTB Capital has named Damian Chunilal as its first ceo for its Asian operations.

StormHarbour has hired Aishwarya Dahanukar, a senior official in Nomura’s European financial institutions group debt capital markets origination team, in a similar position in London.

Indian banks using over-the-counter derivatives will be hit with a credit value adjustment risk capital charge on top of the capital charge for counterparty default risk, under draft guidelines to implement draft Basel III proposals in the country.