Derivs - People and Markets

Legislation aimed at facilitating the establishment of South Korea’s central clearing counterparty is expected to be passed by the country’s parliament early next year, according to officials familiar with the process.

Chiehmi Chan, a senior equity derivatives trader at Citigroup in London, left the firm last week.

Marc Granetz is stepping down as chairman of investment banking at Credit Suisse, according to an internal memo.

Jefferies is said to be planning to reduce its work force by 11%, with equities taking a major hit.

Scottish Widows Investment Partnership has rolled out a European high yield fund, managed by Steve Logan and Lesley O’Neill.

Standard Bank has expanded its fixed income and currency sales team with the hiring of Mark Fox as head of London buyside.

Thailand’s Globlex Securities is planning to increase its market share in 2012 by boosting derivatives from 14% of its current revenue to 20% and by cutting back on securities from 52% to 50%.

Bond insurer MBIA and Morgan Stanley have reached a settlement that ends their two-year legal battle involving credit default swaps on commercial mortgage-backed securities and related suits.

The Swiss Structured Product Association has slammed the Swiss Financial Market Supervisory Authority after the regulator issued a report on Friday that concluded that current regulation does not sufficiently protect structured product investors in the country.

German regulators have expressed “legal reservations” about the proposed merger between Deutsche Boerse and NYSE Liffe and wants changes made to improve it.

Kinetic Derivatives, the proprietary trading firm founded by two former traders at Investec, has given notice that it is closing shop after launching in March 2010.

Mark Machin is stepping down as vice chairman of investment banking for Asia-Pacific ex Japan at Goldman Sachs.