Derivs - People and Markets

Credit Suisse has begun marketing so called three-year drop-back certificates linked to the performance of the Eurostoxx 50.

-- Richard Schetman, partner at Cadwalader, Wickersham & Taft LLP

Standard Chartered has hired Reza Ridzuan from Barclays Capital to head up fx and interest rates structuring for South East Asia.

Olaf Kasten, co-head of Asia equity derivatives trading at BNP Paribas in Hong Kong, left the firm two weeks ago.

Last week there seemed to be a consensus among the commentariat that BP PLC’s five-year spreads were overshooting significantly. A level of 500bp was outlandish for a AA credit.

The Securities and Exchange Commission’s structured products unit will likely hire three industry professionals next month, Kenneth Lench, head of the unit within the Division of Enforcement, told Derivatives Week.

European lawmakers have proposed a ban on financial services employees being allowed to hedge their bonus payouts. The hedges popped up last season when deferred bonus payouts were being pushed by regulators and staffers.

BNP Paribas has hired Barbara Chapman as a director in the flow credit trading based in New York. She will cover the utility and energy sector and report to Jared Epstein, head of flow credit trading in the Americas.

Rahim Dharamshi, the ex-senior emerging markets equity derivatives trader at Citigroup in London, is set to rejoin JPMorgan in a similar role.

Morgan Stanley has hired Karim Mathlouthi, the ex-head of structured products and flow equity derivatives distribution for the Middle East and North Africa at Merrill Lynch in London, to a new role.

The City of London should set the benchmark for how the over-the-counter derivatives and securitization markets should operate prior to the release of European legislation reforming both markets, according to Patrick Pearson, head of financial markets infrastructure at the European Commission.

ING Bank has begun marketing five-year memory coupon notes that offer a potential 82.5% return depending on the performance of a basket of three Finnish stocks.