Derivs - People and Markets

The International Swaps and Derivatives Association has set up a global advisory board to work alongside its Documentation Committee on new products and legal issues, with both buyside and sellside representation.

Bank of America has made a series of senior derivatives hires in Asia in the last three months.

Foreign and local banks in China are carving out bespoke margin arrangements with local corporates where the banks do not have to post collateral—potentially leaving corporates without protection in the event of a counterparty default.

A clutch of credit derivative product company-like firms are trying to get counterparty ratings. New entrants would be an about-face for the sector, which over the last 18 months saw several players fold from the sorts of asset-backed securities losses that brought down the monolines.

Goldman Sachs sold a reverse knock-out put on the euro against the U.S. dollar on Tuesday with a notional of USD1 billion and an expiry of around March 29.

The Bank for International Settlements’ Committee on Payment and Settlement Systems and the technical committee of the International Organization of Securities Commissions (IOSCO) are about to issue a consultation that will focus on trade repository best practices for the first time.

Korea Exchange and the Korea Securities Depository have emerged as leading candidates to clear over-the-counter derivatives in South Korea.

The Japanese Financial Services Agency has moved away from the idea of giving a future central counterparty clearer the power to decide on bankruptcy credit events.

U.S. Senator Maria Cantwell (D-Wash.) said at a briefing on Capitol Hill today that she will work to ensure the future Senate derivatives bill does not feature any of the perceived loopholes in the House of Representatives bill passed on Dec. 11.

Société Générale Securities Services is expected to score several mandates in the coming weeks to provide valuation and collateral management services to Nordic pension funds.

Citigroup has hired Vahe Bourmayan to head Asia ex-Japan index volatility trading, a new role at the firm.

StormHarbour Partners, the London boutique formed by ex-Citigroup trading executives Antonio Cacorino and Fred Chapey, has opened an office in Singapore and is expecting to be granted a license in Hong Kong within the next two months.