Derivs - People and Markets

Abhinav Gorawara, managing director and head of equity derivatives sales for Asia-Pacific at Bank of America, has left the firm.

Jefferies is planning to expand its equity derivatives team in Europe, as it has done in the U.S., where it made a bevy of hires in the second quarter of 2010.

The U.K. Financial Services Authority, H.M. Treasury and the Bank of England have given their support to a global framework for reporting information on derivatives to trade repositories, arguing that this would avoid regulatory arbitrage and data fragmentation.

The International Swaps and Derivatives Association is preparing standardized documents for first-to-default-swaps and nth-to-default swaps, which market participants say will cut down the times to trade the swaps and make it possible for trades to be confirmed in a repository.

Société Générale has hired Alex Tan to head up its emerging markets interest rates trading desk, say people with knowledge of the move.

John-Paul Booth, managing director and head of equity structured product sales for the U.K. at Credit Suisse in London, is set to leave the firm at the end of August.

Industry officials have warned the European Commission that the appointment of independent administrators to chair and participate in a clearinghouse’s risk committee could limit a CCPs ability to establish a stringent risk policy for clearing over-the-counter derivative contracts.

Standard Chartered has hired David Arnold to head up financial market sales for South East Asia.

Lyxor Asset Management has launched an equity structured product fund to retail investors in Hong Kong designed to capture the upside of the China A-share market.

A hedge fund swooped on USD800 million in two-month euro puts against the U.S. dollar on Wednesday, with strikes around USD1.10.

Forthcoming derivative legislation in the U.S. and the E.U. could force small hedge funds, pension funds and asset managers to limit or reduce their use of currency overlay services because those investors will likely face higher capital charges for bespoke derivatives and the costs associated with central clearing.

Close-out netting under International Swaps and Derivatives Association Master Agreements could become less effective once regulatory reform forces companies to separate various types of derivative activity.