Derivs - People and Markets

Tareq Islam, the former head of credit derivative sales for U.K. and Ireland at UBS in London, is to join Goldman Sachs as head of U.K. structured credit sales.

Barclays Capital is set to open a prime brokerage unit in Singapore and has hired Matthew Pecot, the former head of U.S. prime brokerage at UBS in New York, to run it.

Eurex wants to use its clearing platform for over-the-counter credit default swaps for other types of OTC trades.

Tommy Fang, executive director of equity derivative sales for Goldman Sachs in Hong Kong, has handed in his notice, reportedly within the past week.

Loan-only credit default swaps referencing Idearc Inc. will settle at 38.5, meaning protection sellers pay out 61.5 cents on each dollar of protection sold, Markit and Creditex determined in an auction earlier today.

The percentage of trade record errors attributable to the back office in derivatives transactions has decreased, according to the latest industry survey from the International Swaps and Derivatives Association.

Deutsche Bank is recommending institutional investors sell correlation swaps on the euro/U.S. dollar versus the euro/Swedish krona. The currency pairs have opposite reactions to swings in the global equity markets and investors can profit from the dislocation.

The chairman of the China Banking Regulatory Commission made a clear statement to sell-side institutions that if they wish to further tap Chinese buys-siders with derivatives they need to clean up their act.

Omgeo is looking for ways it can play a role that would allow buy-side firms to benefit from the central counterparty clearing model for credit derivatives.

Bob Pickel, ceo of the International Swaps and Derivatives Association, has played down concerns that the new decision-making committee on credit default swap triggers may meet logistical problems in Asia due to its diverse legal jurisdictions.

Keydata Investment Services’ offshore operation, Key Data International, is looking to launch an income growth plan linked to the S&P/ASX 200.

Barclays Capital is looking to UCITS III-compliant mutual fund structures to attract private wealth investors in Asia who have begun shunning over-the-counter derivatives because of counterparty and issuer risk concerns.