Derivs - People and Markets

UBS has hired Glenn Hall and Kevin Ecclesine, a pair of senior credit salesmen from broker-dealer CRT Capital Group, as managing directors in U.S. high-grade flow sales.

E.U. member states may have to introduce taxes on financial transactions such as derivatives to meet the requirements for Europe’s newly announced EUR750 billion stability fund without changing domestic financial policy, some strategists say.

Chris Craig-Wood, the former head of equity index trading at Deutsche Bank in London, has landed at UBS as head of flow trading for Asia based in Hong Kong.

Five-year credit default swaps on Greece pulled in this morning by 375 basis points, after the E.U. announced a EUR750 billion (USD969 billion) lifeline and the European Central Bank pledged to purchase European government bonds in an attempt to stem contagion in the region.

Sajid Javid, a former head of global credit trading for Asia ex-Japan at Deutsche Bank, has become a Member of Parliament in Britain after winning the seat of Bromsgrove near Birminham as the Conservative party candidate.

Achintya Mangla has been hired by Bank of America to run South East Asia equity capital markets and equity-linked solutions for Asia Pacific.

Safe harbor provisions that derivatives have under bankruptcy law are under threat via an amendment to the U.S. Senate Financial Reform Bill proposed two weeks ago. Industry players say that if enacted, the amendment would destabilize the markets by ending close-out netting.

Hedge funds were buying up one-day and one-week call options on the U.S. dollar against sterling early this morning, as results began to emerge from the U.K. general election pointing to a hung parliament.

Five-year credit default swaps on U.K. government debt gapped out nearly 10 basis points this morning, on the country’s general election resulting in a hung parliament with no political party gaining a majority of the votes.

Taiwan’s Financial Supervisory Commission is rejecting offshore retail structured product applications that don’t offer watertight principal protection because of standard clauses allowing for early redemption at market rates.

The European Commission is starting to get feedback from the industry on proposals it put forward in February that would reform the way dealers and end-users account for their derivatives exposures.

Bank of America has hired Keith Ryan in its institutional fx sales business in Hong Kong. Ryan joined as a director from Deutsche Bank last week.