Derivs - People and Markets

Representatives from all corners of the derivatives industry will tonight gather at the Jumeirah Carlton Tower in London to celebrate the winners of the GlobalCapital Global Derivatives Awards.

Koos Timmermans, the outgoing chief financial officer of Dutch bank ING, will be stepping down from his role as the chairman of the working group on euro risk-free rates, according to a European Central Bank (ECB) spokesperson.

ICBC Standard Bank on Monday said that it had hired two commodities derivatives veterans to take senior roles in its base metals business.

Kate Birchall, the former head of portfolio optimisation and collateral at National Australia Bank, has been chosen by LCH to lead the Asia Pacific operations of its London-based clearing house LCH Limited.

TrueEX, the electronic trading platform provider, has responded forcefully to attempts by dealer banks to dismiss an amended complaint against them.

BNP Paribas has added new blood to its Prime Solutions and Financing (PS&F) division with two hires in its New York office.

Experts in the derivatives clearing market have been debating numerous elements of the default management process of Nasdaq Clearing, after a clearing member blew a €114m hole in the institution following a bad trade last week. Costas Mourselas reports.

The identity of the new European capital markets and financial hub after Brexit has been a hot topic of debate ever since the UK voted to leave the European Union in 2016, but as firms have chosen different locations across the continent in which to base their EU27 headquarters it is becoming clear that no single location is likely to replace London.

UK financial market regulators have demanded firms show clear evidence that they are engaging with the transition away from the Libor benchmark.

NEX Group is set to pay $50m after settling with the US Commodity Futures Trading Commission (CFTC) over allegations that brokers in its subsidiary ICAP helped bank traders in their attempts to manipulate the USD ISDAFix benchmark.

The US Securities and Exchange Commission (SEC) on Monday said it had appointed Mark Wolfe as its associate director for the Office of Derivatives Policy and Trading Practices.

HSBC Securities Services has appointed two global co-heads — one of them a well-known figure in the debt capital markets.