Derivs - People and Markets

UBS has launched a pair of exchanged-traded notes that offer exposure to companies in the solid-state drive industry: the ETRACs ISE Solid State Drive Index ETN and a leverage counterpart, the 2X Monthly Leveraged ISE ETRCS ISE Solid State Drive Index ETN.

Man Group has appointed David Mercurio as head of Asia equity and co-head of global equity strategies in Hong Kong.

Antoine Thibaud has joined UBS in London as a high-yield trader covering cash bonds and credit default swaps.

End users have been buying calls on the Hong Kong dollar against the U.S. dollar following speculation the Hong Kong Monetary Authority could de-peg the currency from the U.S, according to market officials.

Alexander Justham is leaving as the U.K. Financial Services Authority’s head of markets for personal reasons, according to the FSA.

Kweku Adoboli, a senior trader in UBS global synthetic equities, allegedly responsible for bank losses totaling USD2 billion as a result of unauthorized trades, has been charged in the U.S. with fraud and false accounting.

Close Brothers is selling its 49.9% stake in Mako Global Derivatives to management of the exchange-traded derivatives market maker for USD40 million.

John Silvetz, a derivatives specialist, has joined hedge fund BlueCrest Capital Management as a credit trader.

Meteor Asset Management has rolled out its Prime Growth Plan 23 and the FTSE 5 Quarterly Kick-Out Plan 3.

LCH.Clearnet is evaluating whether it will be able to accept corporate bonds as eligible collateral for cleared over-the-counter derivative trades.

Nomura is planning to cut between 80 and 100 jobs from its global investment-banking staff as its international business continues to post heavy losses since it acquired the non-U.S. businesses of Lehman Brothers Holdings in 2008.

U.S. collateralized loan obligations proved to be resilient during the financial crisis with only six deals out an estimated 650 defaulting and with three of those subsequently cured, according to Moody’s Investors Service.