Derivs - People and Markets

Seven major foreign derivative dealers have tag-teamed federal regulators in a push for a broad carve out from several proposed Dodd-Frank Act rules on swaps.

The International Swaps and Derivatives Association’s Japan credit central counterparty working group committee has urged Japan’s Financial Services Agency that clearing members’ liability to a CCP be capped at a multiple of the guarantee fund, according to a committee draft proposal.

Barclays Capital has begun cutting staff from its London office today, including some senior traders working on the firm’s derivative desks, according to market officials.

The Commodity Futures Trading Commission should not impose aggregate ownership limits on derivatives clearing organizations, designated contract markets or swap execution facilities, according to a joint letter from industry associations.

Laurent Henrio has joined Société Générale in London in a new role as a credit exotics trader.

France’s Autorité des Marchés Financiers opposes a blanket ban on naked credit default swaps, in contrast with the position taken by French Member of Parliament Pascal Canfin.

David Gardahaut, an index options trader at Credit Suisse in Hong Kong, has left the firm, according to an official familiar with the move.

Scottish Widows Investment Partnership has hired Terence Nahar, head of derivatives at Royal London Asset Management in London, as an investment director within its financial solutions team.

BNP Paribas plans to hire in its equity and commodity-linked structured product group in the U.S. and Latin America by the end of the first quarter of this year, according to Fabrice Hugon, head of structured products at the firm in New York.

Gay Huey Evans, the ex-vice chairman of investment banking and investment management at Barclays Capital, and a former U.K. Financial Services Authority director, has rejoined the International Swaps and Derivatives Association as a vice chairman of the board of directors, and non-executive chairman of Europe.

Standard Chartered Bank has promoted Sundeep Bhandari to global head of audit for wholesale banking from his role as head of global markets for Hong Kong and Northeast Asia according to an official at the firm.

A decision by the First Department of the Appellate Division of New York County yesterday will help protect credit protection buyers whose credit event claims are dismissed by protection sellers on technical grounds, according to lawyers in New York.