Derivs - People and Markets

Michael Vasseghi, head of macro structuring encompassing rates and fx at UBS in Stamford, Conn., has left the firm.

The Dodd-Frank Act appears to have dampened the desire of the 14 largest derivatives dealers to voluntarily commit to standardizing the over-the-counter market in the face of regulatory changes, suggests a letter by the Over-the-Counter Derivatives Supervisors Group.

The U.S. Securities and Exchange Commission has announced that the national securities exchanges and the Financial Industry Regulatory Authority have proposed a new “limit up-limit down” mechanism to address “extraordinary market volatility” in U.S. equity markets.

Jill Sommers, a member of the U.S. Commodity Futures Trading Commission, said some of the regulations the agency proposed to govern swap trading may need to be revised because the current proposals are “overly restrictive” and may limit the number of swaps traded.

Credit Suisse has hired Patrick Marchesi for the new position of director of fx prime-brokerage sales in Singapore.

Jefferies has announced that it plans to acquire Prudential Bache’s Global Commodities Group from Prudential Financial in a deal valued at roughly USD430 million.

Numerix has debuted Numerix LiquidAsset, a new product for pricing over-the-counter derivatives and exchange traded deals.

RBC Capital Markets has hired Stephen Krag as cfo for Europe. Krag previously was cfo at Daiwa Capital Markets Europe.

PineBridge Investments has been authorized by the Hong Kong Securities and Futures Commission to offer its Emerging Markets Local Currency Bond Fund, which uses over-the-counter credit and other derivatives to meet its investment objectives, to Hong Kong investors.

The European Parliament’s economic committee has delayed a final vote on the European Market Infrastructure Regulation for a month.

ConvergEx Group has announced the addition of Brazilian futures and options data to its RealTick10 execution platform.

Dreyfus said its new Dreyfus Global Dynamic Bond Fund may use derivatives to achieve its strategy of total returns by investing in bonds, fx and other instruments that provide exposure to global bond and currency markets.