Derivs - People and Markets

HSBC and Credit Suisse have begun marketing three-year notes that offer the potential for an 18% return depending on the average performance of a basket of shares.

Adam Glass, a partner specializing in structured finance and derivatives at Linklaters in New York, is set to join the Securities and Exchange Commission’s new division of risk, strategy and financial innovation.

Citigroup is back in the market for the second time in three weeks with a bids-wanted-in-competition effort to unwind a series of correlation trades with multiple counterparties. Bids are due tomorrow.

Bonuses for derivatives traders will be much richer this year than last, but still below 2007 levels, according to a study released today by compensation consulting firm Johnson Associates.

Industry officials in the U.K. and Sweden are setting up retail structured products associations.

Iberclear, the unit of Spanish bourse Bolsas y Mercados Españoles that earlier this week announced plans to launch a derivatives trade repository, is looking to establish links with its U.S.-based rival, the Depository Trust and Clearing Corp., and other firms looking to get into the space, such as TriOptima.

The Lehman Brothers Holdings Inc. estate is winding down its derivatives portfolio, but staffing up its over-the-counter trading and valuations desk across all asset classes.

Jared Epstein, head of Americas flow credit trading at BNP Paribas, is planning to launch a high-yield desk next year and has just hired four investment grade credit traders in New York.

London structured products boutique Walkers Crips Structured Investments has launched a five-year FTSE-linked structure that gives investors a choice of two kick-out options with different observation dates.

As Chris Dodd, chairman of the U.S. Senate Banking Committee, prepares his over-the-counter derivatives bill for release next week, Sen. Maria Cantwell (D-Wash.) is considering drafting one of her own.

Morgan Stanley has hired David Chene, a director from hedge fund DA Capital Asia, as a senior trader of structured securities, such as synthetic collateralized debt obligations, in London.

Russia’s Federal Financial Markets Service has offered a Parliamentary bill to legalize close-out netting for derivatives along existing International Swaps and Derivatives Association guidelines.