Derivs - People and Markets

Steven Phan, global head of HSBC’s investments, access and solutions group in London, has left the firm.

Three foreign banks and one domestic Chinese bank have received approval from Chinese regulators to trade in the nascent onshore yuan options market, according to the China Foreign Exchange Trade Center.

StormHarbour has hired Hong Hoo Moon, formerly head of financial institutions group and investment banking at BNP Paribas in Seoul, South Korea, and Guohua Ren, formerly head of capital markets in China global markets at Standard Chartered Bank in Hong Kong as managing directors.

Yves Guo, a former executive director in equity derivative structuring at Goldman Sachs in Hong Kong, is set to join Morgan Stanley, according to an official familiar with the move.

Moscow-based Renaissance Capital has hired Leonard Ellis as head of equity derivatives and structuring in New York.

UniCredit has hired Erik Nielsen as global chief economist and head of economics and fixed income/ fx research.

State Street Global Markets is growing its interest rates business, both cash and synthetic. Over the next several months it will be hiring salesmen and expanding the types of clients it covers and the products it offers.

The Securities and Exchange Board of India has pushed back the deadline from May 7 to August 7 for more detailed foreign institutional investors reporting on offshore derivatives and participatory notes written on Indian underlyings.

Andrew Lamb is ceo of CME Clearing Europe in London, with responsibilities including having oversight of the clearinghouse’s risk management and its day-to-day operations. He spoke to Senior Reporter Olivia Thetgyi on the clearinghouse’s plans to develop its business in the region and regulatory developments in the E.U.

CME Group is looking to cross-margin between its U.S. and European clearinghouses, allowing offsetting positions to reduce margins for clearing firms.

A Swiss Financial Market Supervisory Authority idea to amend civil law to increase investor protections has structured product issuers in Switzerland up in arms.

Hang Seng Bank, the Bank of East Asia, and the Bank of Communications launched retail structured equity-linked product programs last week, just before the implementation of new regulations Friday (DW, 5/9).