Derivs - People and Markets

Tullett Prebon has acquired Brazilian interdealer broker, Convenção—marking its re-entry to the onshore Latin American market—and intends to buy more in the region.

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

The over-the-counter derivatives bill by Rep. Collin Peterson (D-Minn.) is closer to the Obama administration’s earlier proposal, in what one derivatives lawyer called “a step backwards.” It may also have pressured Rep. Barney Frank (D-Mass.) to tighten up his proposal, which was seen as relatively favorable to the industry.

Morgan Stanley’s structured solutions unit, FundLogic, is pitching China Acclaim Fund, which gains synthetic exposure to the China Securities Index 300 using total return swaps with Qualified Foreign Institutional Investors.

A privately held company not affiliated with any dealers has launched an online price comparison service at DerivativeSupermarket.com. So far it caters to requests on credit default swaps and interest rate swaps, and claims to be the first Web site of its kind.

Barclays Capital’s reported plan to sell GBP4 billion (USD6.33 billion) of its collateralized loan obligations could set a precedent for other banks to follow suit, said Michael Hampden-Turner, Citigroup’s head of collateralized debt obligations research.

Yevgeniy Ivanko, a former single stock derivatives trader at Citigroup, has joined Deutsche Bank.

HSBC has structured an offering of S&P 500-linked notes which return four times the depreciation of the index, going against the trend of equity upside plays.

Property and pension funds are increasingly buying one-year total return swaps on the Investment Property Databank France annual property index due to the lack of volatility in U.K. property prices.

U.K.-based Scottish Widows has launched a structure featuring FTSE 100-linked returns where investors have a chance to invest in the firm’s SWIP Global Liquidity Fund during the offer period.

Nomura has hired a pair of former Lehman Brothers executives, Charles Spero and Jeffrey Michaels, to oversee fixed-income sales, trading, research and structuring in the Americas.

UBS has hired a pair of Barclays Capital credit trading honchos in Asia, Romeo Uyan and Kevin Aepli.