Derivs - People and Markets

Members of the International Swaps and Derivatives Association kick started talks last week on how to deal with the Hong Kong Securities and Futures Commission’s plans to regulate over-the-counter retail investments.

The UK’s Financial Services Authority has brushed aside industry concerns about its stringent new liquidity regime, publishing a final policy this week that retains the most controversial features.

Rep. Collin Peterson (D-Minn.) is planning to present an alternative to the draft over-the-counter derivatives bill put out last Friday by Rep. Barney Frank (D-Mass.), a possibility first reported by Derivatives Week.

BNP Paribas has hired Stephen Chiang, formerly a v.p. at Barclays Capital, as a v.p. in corporate derivatives and fx marketing in New York.

Optcapital, a compensation administrator specializing in hedge fund clients, has apparently found a way for hedge fund managers to defer their performance fees so as to avoid high taxes—using an option.

Ryan Rogowski, ex-head of Harewood Solutions, the structured products arm of BNP Paribas, has joined Société Générale as director of the firm’s U.K. private wealth management division in London.

Société Générale bought a USD250 million, 11-month sterling put against the U.S. dollar this week, with an out-of-the-money strike at USD1.25.

The U.K. Takeover Panel has drafted a response to trade association feedback on pending option disclosure improvements.

Ross McClaren, a credit portfolio manager at Marathon Asset Management in New York, has joined Royal Bank of Scotland as head of local markets trading in Stamford, Conn.

Lxyor Asset Management is toying with the idea of launching a retail equity-linked fund in Hong Kong and Macau with exposure to the Hang Seng Index or a basket of regional names, but will not have capital protection.

BNY Mellon plans to move its Asia derivatives trading business from Tokyo to Hong Kong and expand its sales force in the country, said a person with knowledge of the matter.

The draft over-the-counter derivatives bill introduced by Rep. Barney Frank may contain unintended loopholes.