Derivs - People and Markets

Wells Fargo said it will hire 25 investment bankers from Citadel as the Chicago-based hedge fund looks to sell its investment-banking business.

Bank of America Merrill Lynch has named Deborah Fuhr as head of global equity derivatives strategy.

Hedge fund Citadel has decided to scrap its plans to develop an investment bank through its Citadel Securities unit and has already decided to shut down its equity-research team.

Futures firms and swaps market participants may be on the hook for big bucks to buy systems that record nearly all phone conversations their employees make, including those via cellphones, if a Commodity Futures Trading Commission plan takes effect.

The cost for entering derivatives with an Australian counterparty may go up if local regulators don’t further clarify close out netting legislation and bring it on par with English and American law, according to a recently submitted comment letter from the the International Swaps and Derivatives Association.

The Securities and Exchange Commission has extended no-action relief allowing several Commodity Futures Trading Commission-registered derivatives clearing organizations to clear swaps for U.S. mutual fund firms.

Bangko Sentral ng Pilipinas is looking to curb speculation in the Philippines fx market.

Citigroup is expanding the size of its Asian prime finance staff by 20% to 80 this year.

Brazilian exchange BM&FBovespa said it will fold its clearing operations into its main business as part of an effort to attract investors and beat back competition.

Credit default swaps spreads on Italian sovereign debt widened 6.5 basis points to a record 397.5 bps, according to CMA DataVision, as the European sovereign crisis worsens.

Investec Asset Management has launched the Investec Global Defensive Bond Fund as a new offering of its global fixed-income Sicavs.

HSBC has rolled out the HSBC 100+ Series China Region Investment II.