Derivs - People and Markets

China’s National Association of Financial Market Institutional Investors (NAFMII) has informed a number of major Chinese banks they will be able to trade renminbi-denominated corporate credit default swaps referencing onshore names as part of a pilot scheme later slated for later this year.

A judge for the U.S. Bankruptcy Court for the Southern District of New York today approved a motion to transfer billions of dollars in impounded Lehman Brothers Holdings Inc. collateral to JPMorgan, but left the door open for Lehman to try and recover the monies at a later date.

Senator Chris Dodd (D-Conn.) has broadened the definition of major swap participant in his most recent financial reform bill. That has some end-users worried, but many observers think an expected amendment from Senators Jack Reed (D-R.I.) and Judd Gregg (R-N.H.) could change the definition again and create exemptions to the central clearing requirement.

Tullett Prebon has changed its Americas executive committee under Marcus Bolton, regional ceo, following an alleged raid by rival broker BGC Partners last year that is now the subject of a USD1 billion lawsuit.

London-based boutique advisory European Risk Capital has expanded its structured finance efforts with the addition of David Cain, former debt executive at Quayle Munro.

Anthony Best, global head of fixed income sales at JPMorgan in London, has left the firm following a reshuffle overseen by Jes Staley, chief executive of investment banking.

Barclays’ private banking arm Barclays Wealth is reportedly looking to launch an automatic quotation system for a number of flow derivatives products, including accumulators, targeting clients in Asia.

BNP Paribas has appointed Patrik Sandin as head of fixed income distribution and origination for Asia ex-Japan, a new role for the firm. He will be based in Hong Kong and is expected to start on April 1.

Matthew Zola, the former global head of structured credit at Morgan Stanley in New York, has joined UBS as a managing director and head of cross divisional structuring in Stamford, Conn.

Members of the European Parliament have admitted that a push by officials to ban naked sovereign credit default swap trading in the region may have been premature, given there is little U.S. support for such a ban.

Europe should set position limits for the over-the-counter derivatives market, according to Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission.

A group of sellside and buyside institutions has formed the Swaps and Derivatives Markets Association to push for equal access to swaps clearing among dealers of all sizes.