Derivs - People and Markets

A European Parliament committee is working on a position paper on over-the-counter derivatives regulation.

The Securities Commission of Malaysia has stopped approving capital-protected unit trusts unless the issuers of those instruments have signed up four or more counterparties.

The International Brotherhood of Teamsters has contacted a dozen Street firms, from dealers to hedge funds, about what it believes are abuses relating to credit default swaps referencing distressed trucking company YRC Worldwide Inc. The union is also considering taking the matter to U.S. regulators.

The U.K. Financial Services Authority this morning fined Toronto Dominion Bank in connection with risk management failures in a CAD96 million (USD89 million) trading loss its credit default swaps desk took last year.

Standard Chartered has hired Suresh Menon from Citigroup to run equity derivatives institutional sales for Asia Pacific, a new role for the bank.

Hoare Capital, a London-based securities and derivatives broker, is planning to open an office in New York next year in an effort to expand on the interest it has received from U.S. hedge funds in property and longevity derivatives, structured products and asset backed securities.

Macquarie Securities has hired Dennis Davitt, a former U.S. head of equity derivatives trading at Credit Suisse, to build out its equity derivatives desk in New York.

The U.K. Financial Services Authority is not in favor of imposing position limits on over-the-counter derivatives, going against a proposal put forward by the European Commission in October.

Royal Bank of Scotland has reportedly hired Wayne Ng, the former head of fx sales to greater China at Calyon, as head of fx sales for North Asia.

Morgan Stanley is courting recruits to build its fixed income sales platform in the U.S. and in parts of Asia.

Gary Mandelblatt, a managing director in the derivatives unwind division of Lehman Brothers Holdings estate, has joined Nomura as managing director and chief risk officer for the Americas.

Credit Suisse has begun marketing so-called twin-win notes, which give investors the opportunity to participate in a rise or fall in the Russian Depository Index.