Derivs - People and Markets

Citadel Securities is said to be firing the remainder of its proprietary staff—roughly two dozen sales people and traders.

Morgan Stanley has named Mehdee Reza as head of its prime brokerage in Asia.

Natixis has expanded its U.S. fx sales team with the hiring of Cheryl Galante and Ellen Galluccio as managing director of fx sales to financial institutions and director in fx sales, respectively.

A wave of some 12 longevity swaps are expected over the next 18 months following the debut of a GBP1.7 billion (USD2.77 billion) deal by the ITV Pension Scheme, according to Raj Mody, head of pensions at PricewaterhouseCoopers.

BNY Mellon Clearing has joined CME Group as a clearing member for over-the-counter interest rate swaps.

The announcement that Warren Buffett’s Berkshire Hathaway was investing $5 billion in Bank of America has narrowed credit default swap spreads on the investment bank from its record levels.

BNP Paribas has tapped Bank of America Merrill Lynch’s Robb McGregor to head high-yield and distressed credit sales for Europe in London, including cash and derivatives.

Credit default swap spreads on senior and junior bonds of 25 European banks have doubled since April as investors view negatively the financial institutions’ need to raise roughly USD116 billion in cash by year’s end.

LCH.Clearnet is looking to expand its credit default swap service beyond the eurozone to become more international in scope, according to Ian Axe, ceo of the LCH in London.

Average global credit default swap liquidity reached its highest level Aug. 19 since Fitch Solutions began tracking CDS in March 2006.

Barclays Capital has appointed Olivier Desbarres as director and head of fx strategy for Asia-Pacific ex-Japan.

Diego Parilla, who left as head Asian commodities at Bank of America Merrill Lynch in March, has formed the NARECO Commodity Low Vol Alpha Fund.