Derivs - People and Markets

Patrick Sciamma, the former head of exotic equity derivatives trading at Dresdner Kleinwort in London, has joined Merrill Lynch as global head of complex commodity options.

Barclays Capital has told employees it is raising base salaries for trading, sales and structuring teams globally in response to similar moves by competitors over recent weeks.

Credit Suisse is marketing three-year notes for institutional investors who are bearish on the long-term prospects of the U.S. dollar.

Paul Kozary, the ex-head of Middle East structured solutions sales at Commerzbank in London, has joined StormHarbour Securities as head of Middle East distribution, a new role.

Christian Denk, a director and equity derivatives trader on Deutsche Bank’s proprietary trading desk in Hong Kong, left last week.

AIG Financial Products has halved its notional derivatives exposure to USD940 billion since the bailout, reduced its trade count by 37% to 16,100, and cut its complex trades by 65% and its headcount to 225 from 440. But having stated he would leave by the end of 2009, COO Gerry Pasciucco told Derivatives Week he plans to stay and finish the job.

Commerzbank has filed for a summary judgment in the U.K. High Court in an attempt to avoid a trial after being sued last year by 72 former Dresdner Kleinwort employees claiming to be owed EUR34 million (USD46 million) in bonuses.

Amilcare Police, head of equity derivatives sales and distribution for Europe, Middle East and Africa at HSBC in London, left the firm a few days ago.

Markit launched a leveraged loans index yesterday, just in time to mark a 0.1% softening in the market.

Michael Fallon, an opposition member of the U.K. parliament and its Treasury Select Committee, made the case for regulatory and government action on banker bonuses.

A pair of Citigroup interest rates traders, Alex Tan and Abel Theo, have left the firm.

Michel Barnier was voted in yesterday as the new European Commissioner for Internal Market & Services.