Derivs - People and Markets

The Federal Reserve and the Federal Deposit Insurance Corp. are said to be divided over Bank of America’s move of its derivatives from its Merrill Lynch unit to a subsidiary with insured deposits.

Christian Arriz, equity derivative flow salesman at BNP Paribas in New York, has left the firm.

FXCM Japan Securities has completed the acquisition of Foreland Forex, the Japanese fx broker.

RBC Capital Markets is said to have hired Oliver Hearsey to focus financial institution equity capital markets.

Royal Bank of Scotland is said to be planning an overhaul global banking and markets division, its investment-banking unit, which could result in additional 5,000 lost jobs.

Baring Asset Management has named John Burns to succeed the retired John Misselbrook as coo.

The focus of the U.K. Structured Product Association will be to educate intermediaries and investors leading up to the implementation of the U.K. Retail Distribution Review, Jamie Smith, the newly elected chairman of the U.K. SPA and head of distribution at Lloyds Banking Group, told Derivatives Intelligence.

The Hong Kong Monetary Authority and the Securities and Futures Commission are planning to broaden licensing requirements for dealers, advisors and clearing agents operating in the over-the-counter derivatives market in Hong Kong.

South Korea’s Financial Services Commission is to revise rules over how hedge funds should calculate the potential maximum loss from derivatives trading.

CME Group plans to allow cross-margining across interest rate swaps and futures in the U.S. and between energy products in the U.S. and Europe.

Moritz Seibert, head of equity derivatives structuring at the Royal Bank of Scotland in New York, has left the firm.

Industry professionals in London are keeping close tabs on the European Union’s proposed European Markets Infrastructure Regulation, which could saddle securitizations with extra disclosures and reporting requirements.