Derivs - People and Markets

Credit default swaps on auto parts supplier Lear Corp. have been triggered, after the Americas Determinations Committee of the International Swaps and Derivatives Association met today to decide the fate of contracts on the name. The date on the settlement auction has yet to be set.

Reverse stress testing—the process by which firms try and account for potential shocks to their portfolios by addressing specific peculiarities—is becoming more common, according to Ron Papanek, head of RiskMetrics Group’s labs unit in New York.

The Canadian Imperial Bank of Commerce has hired two fx managing directors: Christopher Dunning, managing director and global head of emerging markets at UniCredit in London, and Eric Ohayon, head of fx structuring at Bank of America, also in London.

StormHarbour Partners, a boutique launched last month by ex-Citigroup trading executives Antonio Cacorino and Fred Chapey, is in the process of acquiring a U.S. brokerage.

Amit Jagtiani, a v.p. in single stock equity derivatives trading at Dresdner Kleinwort in London, has left. He is set to join Deutsche Bank, according to a DB spokeswoman.

Mathieu Bernard, head of emerging markets equity derivatives trading at Morgan Stanley in London, is set to join Nomura in a similar position but one which is new for the firm.

Some 25 banks signed China’s National Association of Financial Market Institutional Investors (NAFMII) master agreement at an official ceremony in Beijing earlier today.

Deutsche Bank has added Benoit Perrot in index flow trading for Asia ex-Japan.

Gareth Hawes, Lee Richardson and Gareth John, directors in credit default swaps trading at Nomura in London, left the firm last week.

Law firm Russin & Vecchi has advised the International Swaps and Derivatives Association to add language within its 1992 and 2002 Master Agreement that would clear up uncertainties surrounding payments in the event of a default.

Patrick Hayes, a senior v.p. in equity sales at Jefferies, has joined New York-based equity advisory boutique CJI Capital Markets as a director in institutional sales.

The International Derivatives Clearing Group has sold a minority stake to a strategic partner, Bank of New York Mellon, and foresees further deals to financial entities that can add value to its clearing service.