Derivs - People and Markets

Chief compliance officers of swap dealers and major swap participants are facing a range of new responsibilities under reforms sparked by the Dodd-Frank Act.

Michael Gooch, chairman of the board and ceo of GFI Group, said that over-the-counter derivative clearinghouses must be government-backed in order to function and should run as utilities.

One or more over-the-counter derivative swap execution facility self regulatory organizations will be set up in the U.S.

Single-dealer execution platforms and execution platforms narrowly tailored to only one type of participant will likely not be included in the coming regulatory definition of swap execution facility, according to Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission.

Bank of America has hired Mark Valentine, executive director in Goldman Sachs’ structured product division, as a managing director for securitized products for Europe, Middle East and Africa.

Technology systems providers are building platforms that focus on trade control and monitoring, gearing up for an upswing in proprietary trading firm launches as a result of the recently passed Volcker rule.

Matthias Lennkh, the former head of fund derivatives for Europe and Asia at Bear Stearns, and Fabrice Perez, the former head of fund derivatives at AIG Financial Products, have launched a boutique investment management company focused on quantitative trading.

HSBC has hired Ted Mermel, an ex-director at Canadian Imperial Bank of Commerce in fx and derivative sales, as a senior fx salesman based in New York.

BNP Paribas has hired Neil Wardley as a director on its recently-created custom index publication team in New York.

RBC Capital Markets has hired David Odenath, a senior institutional account manager for U.S. private banks at Deutsche Asset Management, as a senior equity and rate-linked structured products salesman.

The Swiss Structured Product Association has named Daniel Sandmeir, head of structured products marketing and distribution at Credit Suisse in Zurich, president.

Tradeweb, a provider of electronic trading technology, is eying the U.S., Asia and Latin America as regions where it can expand its equity derivatives marketplace platform.