Derivs - People and Markets

The Royal Bank of Canada has hired Mandy Kan, former senior single stock options trader at JPMorgan in Hong Kong, to head its single stock trading desk.

India’s BSE has annulled all derivative trades completed Oct. 26 during a special session conducted for the observance of the Hindu holiday of Diwali because of “large movement of Sensex futures.”

The U.K.’s Debt Management Office has rolled out what is believed to be the longest-dated inflation linked government bond.

UBS has acknowledged that some internal monitoring controls designed to detect fraud were not in place when trader Kweku Adoboli engaged in alleged unauthorized trading that resulted in USD2.3 billion in losses.

UBS reported a 41% decline in revenue in its fixed income, commodities and currencies unit in the third quarter compared with the preceding three-month period.

MF Global’s reported quarterly loss of USD186.6 million has fueled speculation that the broker-dealer may be a takeover target.

Pricing Partners has upgraded its hybrids module to automatically compute volatility bias due to stochastic interest rates.

The U.S. Financial Industry Regulatory Authority has fined UBS Securities USD12 million for failing to properly supervise short sales of securities.

Todd Steinberg, senior managing director and global head of derivatives delta one at Macquarie Securities in New York, has resigned from the firm this week.

Edmond Lau, executive director, money management at the Hong Kong Monetary Authority, said the establishment of regional central clearing counterparites in Asia will allow local dealers and end users to gain access to the larger global CCPs in the U.S. and Europe once international linkages are established.

The U.K.’s Financial Services Authority has fined Credit Suisse GBP5.95 million (USD9.49 million) for systems failures related to its sale of structured products.

Morgan Stanley has formed a global financial institutions capital markets group co-headed by Shyam Parekh, Kevin Ryan and Taylor Wright.