Derivs - People and Markets

U.S. Senate Banking Committee members Jack Reed (D-R.I.) and Judd Gregg (R-N.H.), who are steering the derivatives working group under Committee Chairman Chris Dodd (D-Conn.), reportedly believe that some end-users should be exempt from mandatory central clearing.

IntercontinentalExchange’s ICE Trust unit hosted a webinar on credit default swaps clearing Wednesday morning and some 300 buysiders tuned in.

Some traders in London believe five-year credit default swaps on Greece could surpass the 450 basis points mark this week, after the cost of protection on the sovereign hit a record high of 390bp today and kept climbing intra-day to 420bp.

LCH.Clearnet is set to launch a platform for clearing over-the-counter fx options.

Bank of America has hired Ben Rosswick to head up G10 fx options trading for Asia Pacific in Hong Kong.

Jim Iorio, head of fx derivatives sales at Barclays Capital in New York has relocated to the firm’s Singapore office to head fx distribution for non-Japan Asia, a new role.

A special hearing will be required to harmonize conflicting U.K. and U.S. judgments on the Dante collateralized debt obligation lawsuit after this week’s U.S. court ruling.

Gareth James, the former global head of hedge fund derivatives structuring and sales at Deutsche Bank in London, has joined Luxembourg Financial Group as head of hedge fund solutions—a new role.

U.S. House Financial Services Committee Chairman Barney Frank (D-Mass.) this morning trashed industry arguments that over-regulation of the financial markets, including derivatives, could lead to the next financial crisis.

Citigroup bonuses for 2009 are being awarded in cash and stock, with deferrals on the vesting period and a guarantee on the stock value.

Hong Kong regulators may need to amend the country’s Securities and Futures Ordinance from 2002 to ensure comprehensive reform of over-the-counter derivatives. But the Securities and Futures Commission is in no hurry.

UBS has realigned its securities business unit with new appointments and a merger of its fixed income and equity sales segments.