Derivs - People and Markets

Société Générale has been granted a license by the Saudi Capital Market Authority to engage in investment banking activities in the kingdom.

A European Central Bank recommendation for the European Securities and Markets Authority to set up a trade repository-like mechanism for collecting information on net short positions appears to be the regulators’ way of tying together disparate pieces of regulation.

Shawn Bernardo is vice chairman of the Wholesale Markets Brokers’ Association Americas and is also managing director and head of electronic broking for the Americas at Tullett Prebon in New York. He spoke to Associate Reporter Mike Kentz on the aspects of current regulatory proposals in the U.S. aimed at SEFs.

Eric Lafon, head of structured solutions in Europe, the Middle East and Africa at UBS in London, has been promoted to co-head EMEA distribution for fx, interest rates, currencies and commodities.

Regulatory attempts in Europe to require specific payout profiles in base prospectuses or prospectus supplements for retail structured products would be detrimental to improving product transparency, according to the European Structured Investment Products Association.

Three industry veterans have launched asset management advisory firm Silverhorn Investment Advisors in Hong Kong.

The bankruptcies of several large institutions have highlighted a potential ambiguity within the International Swaps and Derivatives Association’s Master Agreement relating to Section 2(a)(iii). Specifically, several courts have addressed the issue of whether a party can exercise its rights under Section 2(a)(iii) to withhold payment indefinitely following the bankruptcy of its counterparty without declaring an Early Termination Date. This article compares the recent rulings and offers some negotiating options for counterparties to consider.

HSBC and Citigroup have created indices for institutional investors to use when designing fixed-income funds.

Credit default swap spreads on Hungarian sovereign debt have tightened sharply after Standard & Poor’s delivered a positive assessment of the government’s plans for structural reform.

PortfolioShop has launched FixQ BrokerRisk, a risk-monitoring system for prime brokerages.

Jefferies has expanded its prime brokerage capital introduction groups with the hiring of Victor Bang as v.p.

UBS has appointed David Soanes global head of global capital markets and Rob Jolliffe as deputy global head.