Derivs - People and Markets

BNP Paribas has hired Angela Deering as a director in flow credit trading in New York.

Proposed Securities & Exchange Commission language beefing up offering, disclosure and reporting requirements for privately offered asset-backed securities could wind up applying to structured notes.

Edouard Vieillefond, head of regulatory policy and international affairs at France’s Autorité des Marchés Financiers, told Derivatives Week this morning that although the regulator is in favour of curbing speculation, Germany’s decision last night to ban naked sovereign CDS trading will be extremely challenging to enforce.

End-users are hoping for the best, but preparing for the worst. Over the next week they will be pushing harder than ever for a stronger exemption from clearing and margin requirements, focusing their efforts on the clarification of vague definitions in the current Senate bill, slated for a vote next week.

National and European lawmakers could end up deciding whether over-the-counter fx trades will be cleared in their respective markets, not the European Commission, according to Patrick Pearson, head of financial markets infrastructure at the Commission.

Clearinghouses will be required to set up a dedicated subsidiary in Japan in order to conduct credit default swap clearing business onshore with a Japanese counterparty under new regulation passed last week by the Japanese parliament.

BlueCrest Capital Management, one of the largest hedge-fund firms in Europe, has added three senior credit traders in New York.

Regulators will come down hard on central counterparty clearers that are seen to be relaxing risk management systems as a way of competing, lawmakers warned at a conference in London this morning.

James Lee, head of Nomura’s Asia risk structuring group in Hong Kong, has left and is taking a senior commodities structuring role at JPMorgan.

The OTC Derivatives Regulators’ Forum is preparing to launch in the next month or two a Web site where it will describe in more depth what projects the group is working on and give information about its formation and membership.

Michel Barnier, the European Commissioner for Internal Market and Services, today called for greater transparency in sovereign credit default swap trading rather than an outright ban.

Enrico Casini, the former head of fx institutional sales for Europe, Middle East and Africa at Royal Bank of Scotland, is set to join Credit Suisse in London as a managing director.