Derivs - People and Markets

Bank of America is reportedly looking to kick start an Asia-focused asset liability business initially out of Hong Kong, according to a person aware of the firm's plans.

U.S. Securities and Exchange Commission task force recommendations can only work if investments in life settlements, not in the underlying policies, are defined as securities, according to industry watchers.

Conduit Capital Markets has hired Chris Macmillan, the ex-head of U.K. debt and credit market sales at Crédit Agricole Corporate and Investment Bank in London, as head of credit sales, also in London.

BNP Paribas’ Cyril de Lambilly, a fixed income structurer, is tipped to flip from New York to Singapore to head the firm’s Asia ex-Japan fx and rates structuring business, said a person with knowledge of the move.

UniCredit has hired Tim Armitage, a former head of structured credit trading at Bear Stearns, as a managing director in structured credit trading in London.

Structured product sales in the retail, private banking space in Asia has taken a slight dip as fears of a double-dip recession continue to loom, salesman in the region say.

Draft proposals in Germany would limit foreign counterparties’ ability to terminate contracts with German institutions at risk of insolvency, which market participants fear will put a damper on trading with them.

Carl Mason, the former head of equity derivatives strategy in the Americas at BNP Paribas in New York, has landed at UBS.

The limited development of the derivatives markets in Asia-Pacific helped to reduce the potential losses to counterparties during the credit crisis three years ago, the Bank of International Settlements said today.

Goldman Sachs has reportedly lured Vinod Garg from BNP Paribas into a senior fx structuring role at the U.S. firm.

Buyside firms are looking for industry-wide standardized clearing documents in coming months as the newly-signed U.S. Dodd-Frank Act pushes much of the over-the-counter market towards central clearing.

The proprietary trading ban in the U.S. Dodd-Frank Act could limit a firm’s ability to hedge against the risks associated with its structured product offerings.