Derivs - People and Markets
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Mitsubishi UFJ Securities International has hired a slew of former senior European Merrill Lynch staffers, led by John Caldwell and Trent Hagland, to build up its credit flow and corporate trading business in London.
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The dividend swaps market has crackled into life in the last few weeks as hedge funds have rediscovered their appetite for risk has returned and dealers have been eager to hedge index exposures.
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Morgan Stanley is recommending investors buy three- to six-month out-of-the-money puts on the Standard & Poor’s 500, Germany’s DAX or the Australian ASX200, while selling a further out-of-the-money put on the same index to cheapen the trade and position for an economic rebound.
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New York alternative asset management firm Malbec Partners is considering launching a credit-focused fund and a long/short equity strategy later this year.
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Spencer Kelly, a former managing director in securitization derivatives at Barclays Capital in London, has joined BNP Paribas.
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European financial names gapped out today on reports that the E.U. is to emulate U.S.-style stress tests of its banking system.
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HSBC Private Bank in Hong Kong has seen an uptick in equity structured product sales in the past month.
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Barclays Capital has brought Frank Wong on board in a warrants sales and marketing role in Hong Kong.
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U.S. Treasury Secretary Timothy Geithner outlined the Obama administration’s plans for regulating over-the-counter derivatives last Wednesday.
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A group of buysiders has launched a working group to address how buysiders should participate in the central clearing of credit default swap trades.
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The auction to settle credit default swaps referencing bonds issued by Bowater Inc., now part of AbitibiBowater, yielded a final recovery rate of 15% yesterday, meaning protection sellers will pay out 85 cents for every dollar of protection sold.
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The capital markets division of Dubai boutique investment bank Arqaam Capital has started marketing reverse convertible notes for the first time to investors in the Gulf Cooperation Council.