Derivs - People and Markets

European dealers have decided on more than two fixed coupons for credit default swaps in the region, as first revealed by DWO last month (DW Online, 4/9). Going forward, new trades will bear strikes of 25, 100, 500, or 1,000 basis points, while existing trades will be re-couponed on strikes of 300 or 750 bps.

Remi Colinmaire, a managing director in index trading at Goldman Sachs in London, and Joseph Bryan, an index trader, have left the firm.

Bank of America has tapped Thomas Skove as a managing director and head of U.S. investment grade industrial names trading, along with five new credit traders across New York and London.

The International Swaps and Derivatives Association has drafted standardized documentation supporting over-the-counter carbon emission allowance trades in the U.S.

Roland Wetherall, a former director in equity derivatives trading at Merrill Lynch in Hong Kong, has joined Rabobank in the same position.

Credit default swaps on U.S. auto suppliers American Axle & Manufacturing and Lear Corp. traded wider over the course of the week after news broke that General Motors had filed for bankruptcy.

Hedge funds have been selling five-year credit default swaps on BT Group early this morning, following reports yesterday the group is to raise EUR500–600 million (USD709-851 million) via a five-year bond.

London fund managers K2 Capital and VCM Fund Management, who together oversee the VCM K2 Discretionary Macro Segregated Portfolio fund, are in the process of adding a series of calls on financial names, using options to play the performance of U.S. banks against eurozone banks.

Singapore-based hedge fund manager Woori Absolute Partners is seeking to buy long-dated vega positions on Asian equities for its Woori Absolute Asia Multi-Strategy Fund.

Ravi Singh, a Goldman Sachs veteran, has come out of retirement to head up Credit Suisse’s single manager, funds of hedge funds and index business.

BNP Paribas has hired Jared Epstein as its new head of flow credit trading in the Americas.

Credit Suisse has hired James Walker as head of investment banking operations in the Americas—a new role—and head of global over-the-counter operations.