Derivs - People and Markets

The Basel Committee on Banking Supervision is seeking industry comment and suggestions on how banks should capitalize exposure to central counterparties.

StormHarbour has made a number of additions to its New York and London teams, about a quarter of which will deal with cash and synthetic securities.

The Committee of Securities Regulators has ruled out applying the so-called systemic internalizer regime to the trading of over-the-counter derivatives.

A recent proposed rule by the Securities and Exchange Commission implementing shareholder voting procedures on executive compensation packages will largely exclude lower-level employee bonuses, including derivative traders who on occasion make more than their executive bosses, according to lawyers in New York.

FM Capital Partners, the London-based hedge fund backed by the Libyan government's sovereign wealth fund, has hired Alex Darré, the ex-head of hedge fund strategies for Europe, Asia and the Middle East at Goldman Sachs Asset Management in London.

Rabobank International has hired Patrick Nsoudou as a senior equity derivatives trader in London in a new role.

The Commodity Futures Trading Commission may have gotten ahead of itself in the race to implement the Dodd-Frank Act. That’s the view some attorneys, who point to the postponements of two planned rule votes by Chairman Gary Gensler. The latest was postponement of a rule on position limits yesterday morning.

The South Korean Financial Services Commission plans to enhance regulation on some aspects of over-the-counter and listed derivatives next year, including margin requirements, according to its recently-released 2011 Financial Policy Agenda.

Nabeel Naqui, a former managing director at Toronto Dominion in London, has been fined GBP750,000 (USD1.17 million) and banned from working in authorized positions in the financial services by the U.K.’s Financial Services Authority for mismarking positions.

Mandating daily portfolio reconciliation on swaps between financial entities would not raise costs for swap dealers and major swap participants, according to staff members from the Commodity Futures Trading Commission.

The International Accounting Standards Board is considering revamping how to account for changes in the liability of put options on shares held by non-controlling interest shareholders.

A proposed Hong Kong law that would define structured products as public offers rather than private placements is drawing cries that it would stifle growth in the market.