Derivs - People and Markets

Daiwa Securities Group is closing its proprietary-trading desks in Hong Kong and Taiwan.

Australia’s Basis Yield Alpha Fund has filed suit against Goldman Sachs over losses it suffered from its investment in Timberworld 2007-1, the collateralized debt obligation sold by the investment bank.

Federal agencies have missed 77% of the deadlines to implement regulations under the Dodd-Frank Act.

An error in accounting certain derivatives transactions at FMS Wertmanagement has boosted the balance sheet at the so-called bad-bank of Hypo Real Estate Holding by EUR55.5 billion (USD77.7 billion) for 2010, according to PricewaterhouseCoopers.

Strong performance in Barclays Capital’s fx business helped mitigate losses in its fixed income, currency and commodities division.

HSBC has rolled out the HSBC 100+ Series Global Goals Investment in Australia.

Scott Burns, director of exchange traded fund research at Morningstar, said Europe should develop a system of warning investors in ETFs about potential risks similar to one used in the U.S.

Wells Fargo Funds Management has named John Manley as chief equity strategist.

Mohamed Ali Bacha, head of equity derivatives trading at Nomura in London, left the firm last week.

Austria’s Erste Bank has slashed its credit default swaps portfolio with an eye to closing it by the end of the year.

A group of 18 Democrat members of Congress have asked the Financial Stability Oversight Council and other regulators to look into possible risks tied to Bank of America’s recent shifting of derivatives from its Merrill Lynch unit to its deposit-taking division.

MF Global is said to be eager to sell its futures brokerage unit, looking for a buyer within days.