Derivs - People and Markets

Royal Bank of Scotland has hired Timothy Yule as the firm’s head of non-equity structuring for Australia, based in Sydney.

Japan will be ready to clear credit default swaps by the second quarter of next year, an official involved in the implementation of a Japanese clearing platform, told Derivatives Week.

BNP Paribas has hired Jeff Thornbury as a managing director in North American credit sales in a new role, according to an internal memo obtained by Derivatives Week.

Some derivatives trading could become too expensive for sellsiders outside the big five under the swaps desk spin-off provision in the U.S. Dodd-Frank bill.

Warren Buffett’s Berkshire Hathaway may have to post USD6-8 billion in additional collateral for its derivatives book, according to a research report by Barclays Capital.

A number of members of the European Parliament’s Economic and Monetary Affairs Committee have called on the European Commission to design proposed leverage ratios which take into account netting for derivatives, a move that will be welcomed by the financial services industry.

StormHarbour Partners, the boutique formed by ex-Citigroup trading executives Antonio Cacorino and Frederick Chapey, has hired Michel Labrousse as a managing director of Asia derivatives and structured solutions.

BNP Paribas has reportedly named Stephane Ritz as the sole head of its Asia equity derivatives trading business.

Daiwa Capital Markets is reportedly the preferred bidder and in sole negotiations to buy KBC Financial Products’ warrants and convertible bond business in Hong Kong, said a person following the situation.

U.S.-based derivative-using hedge funds have been seen heading to Ireland, local attorneys report. Some of the moves are being driven the U.S. Financial Reform Bill which will make trading over-the-counter derivatives more costly.

European firms have been issuing a range of structured products linked to the stock price of Transocean, the owner of the leaking Deepwater Horizon drilling rig, at a time when the option of issuing similar structures linked to BP PLC are being largely shunned by issuers.

Kiran Shah, head of index flow derivatives trading at UBS in London, has left the firm.