Derivs - People and Markets

Narvir Brar, a v.p. in equity derivative sales to U.K., Scandinavia and Middle East at Citigroup in London, left the bank last week and is reportedly set to join Nomura in the same position.

Morgan Stanley has launched its first gilt-backed FTSE growth plan. The plan, called the FTSE Gilt-Backed Best Entry Growth Plan, offers five times any growth in the FTSE 100, capped at 45%, plus the return of capital unless the index falls by more than 50% from the start date.

Keith Chang, head of warrants sales for Macquarie Securities in Hong Kong, left the firm last Tuesday and is expected to be joining HSBC.

Citigroup has lost Vishal Sodha, a director in interest rates and fx hedge fund sales, to Credit Cuisse.

A deal that would consolidate more than USD1 billion in collateralized loan obligations is in the final stages of being negotiated, according to investors, who note it could close as soon as next week. The proportion of the underlying assets that are synthetic could not be learned.

TMX Group, which owns the Toronto Stock Exchange and the Montréal Exchange, intends to expand its clearing services into over-the-counter equity derivatives and other asset classes, but not credit derivatives.

Olivier Zucker, the former global head of products at Barclays Wealth, has hired Rick Weinstein, a structured credit veteran, for his newly launched advisory firm in London, Zucker & Co. Investment Advisors.

Hedge funds, pension funds and asset managers have been increasingly turning back to using property derivatives in Europe over the past few weeks as they develop a more positive outlook on the real estate market, identifying areas of dislocation for trading.

The Tokyo Stock Exchange can see a future where clearing platform for over-the-counter derivatives could become the central clearinghouse for Asia.

Representatives from the International Swaps and Derivatives Association and Securities Industry and Financial Markets Association have hit back at model state-based legislation drafted by the National Conference of Insurance Legislators that would see all credit default swaps regulated as insurance, sold only by licensed carriers.

The options market has been positioning this week for a trend lower in U.S. dollar/yen spot, according to Deutsche Bank.

Mark Green, a former director in single stock derivatives trading at Merrill Lynch in London, is understood to be joining HSBC next week in a new role.