Derivs - People and Markets

SYZ has introduced the Oyster Multi-Manger Tail & Trading, a subfund of its Alternative Fund Sicav.

JPMorgan Chase has hired Gerry Murray as head of North American leveraged finance.

The Basel Committee on Banking Supervision has urged national regulators to scrutinize banks’ use of credit default swaps and other expensive forms of credit protection after supervisors expressed concern about potential regulatory capital arbitrage.

Russian exchanges MICEX and RTS have completed their merger, creating a “one-stop-shop” for local and international market participants to trade equities, bonds, derivatives and currencies.

Royal Bank of Scotland is considering shutting half of its investment bank, including equities and corporate advisory, as part of a restructuring required by the U.K. government, which owns 83% of the firm.

The value of fx derivatives traded in South Africa surged 117% this year as of Nov. 30, while the number of contracts has grown by 103% during that period, according to the JSE, the country’s largest exchange.

The Financial Industry Regulatory Authority has launched a sweep looking at how broker/dealers handle spread-based structured products, giving compliance officers a warning that they need to make sure suitability, sales and training policies and procedures are up to scratch in this complex area.

Fragmentation of the Asian derivatives markets and the ability of end users and dealers in Europe and the U.S. to access them will be the main focal point of 2012, as local regulators press on with the establishment of clearinghouses and trade repositories.

Credit Suisse has tapped Peter Antico to serve as managing director and head of North America rates in its fixed-income department.

Dutch lender and insurer SNS Reaal has announced that deteriorating market conditions have prompted it to close it proprietary trading desk as it eliminated between 10 and 150 jobs in its equity-trading business.

The Financial Industry Regulatory Authority has fined Wells Fargo USD2 million for failing to supervise a salesman who sold reverse convertibles to elderly investors.

The European Commission is asking clients and competitors of Deutsche Boerse and NYSE Euronext whether the bourse’s new concessions to allay antitrust concerns raised by their merger are sufficient.