Derivs - People and Markets

An Indonesian court has asked Standard Chartered to rip up an fx contract the firm wrote with a local corporate, saying the complexities of the trade were not properly understood by the buyer and as such it violated transparency laws.

The International Swaps and Derivatives Association is planning to release by month end standardized documentation for pan-Asian interdealer equity swaps—the first set of documents to cover the entire region, including Japan.

Neville Godley, former head of distribution at structured products shop Quantum Asset Management, has joined Morgan Stanley in London as v.p. of retail structured product sales, a new role.

Two credit default swap and high-yield bond salespeople have left Calyon in London. Caroline Fischer and Stephen Elliott, directors, resigned a week ago and two weeks ago, respectively.

Frank Byrne, London-based European head of structured products at Deutsche Bank, is reportedly leaving.

Alex Ellison, the former head of convex equity trading at HSBC in Hong Kong, covering exotic derivatives, index trades, warrants and single stocks, has been hired by Standard Chartered as head of convertible bond trading.

The Australian Stock Exchange has expressed a strong interest in clearing over-the-counter equity trades but is less sure about extending that capability to credit derivatives.

Len Ellis, the former head of equity derivatives for the Americas at Citigroup in New York, has joined Capstone Sales Advisors as head of capital markets, a new role.

Market participants are wondering what happened to the notion of having an Office of Derivatives Supervision, raised by Michael McMahon (D-NY) last month, after it was conspicuously omitted from the Frank-Peterson derivatives bill outline last week.

A coalition of derivatives players has formed the Iron Ore & Steel Derivatives Association to promote the rapidly expanding iron ore swaps market and develop standardized contracts for over-the-counter trades.

Nick Tranter, former pan-European head of equity derivatives flow sales at BNP Paribas, joined London broker Execution today as head of derivatives, a new role. He will focus on signing up European institutional and hedge fund clients.

Christopher Bae, head of single stock volatility trading and a senior flow equity derivatives staffer at Goldman Sachs in Hong Kong, has left.