Derivs - People and Markets

Expansion of commodity-based, leveraged and actively managed products are expected to help double assets in U.S. exchange traded funds to USD2 trillion by the end of 2015, according to Bank of New York Mellon and Strategic Insight.

The National Securities Clearing Corp., a subsidiary of the Depository Trust & Clearing Corp., has launched its Automated Special Representative Facility.

JPMorgan Chase has appointed Larry Slaughter as co-head of investment banking for North America, a position he will share with Kevin Willsey.

Global market maker GETCO has acquired Automat, a London-based proprietary trading firm that specializes in exchange-traded derivatives and spot fx markets.

HSBC has named William Ross as head of CMB origination for Asia-Pacific within its debt-capital markets group.

Jason Strasser, Morgan Stanley’s poker-playing derivatives trader, has left the investment bank to become lead analyst at hedge fund Trafelet & Co.

Santander has hired Lee Stone, a senior equity derivatives index trader at Nomura in London, in a new role trading the Eurostoxx 50 index.

Industry associations and U.K. firms have warned the Independent Banking Commission about the implications that ring fencing could have on a banking group’s derivatives use.

Counterparties should not have to post margin for non-cleared swaps on the same day of execution, nor should covered swap entities be barred from netting initial and variation margin requirements across asset classes and financial products, say the International Swaps and Derivatives Association and the Securities Industry and Financial Markets Association in a joint comment letter to bank regulators last week.

MarketAxess has launched an enhanced institutional credit trading system that adds functionality for credit default swap trading.

Tullett Prebon has received approval from the president of Brazil to acquire Convenção S/A Corretora de Valores e Câmbio, one of the country’s top interdealer brokers.

UBS has named Rainer Ruecker as head of public trading in charge of the bank’s new equity structuring team.