Derivs - People and Markets

Brian O’Hearne, head of environmental and commodities markets Americas with responsibility for weather derivatives at Swiss Re, has left his position.

MKP Vela CBO, a $541.8 million hybrid collateralized bond obligation, will go on the auction block on Oct. 21 in Houston.

Immense open interest to sell Lehman Brothers Holdings bonds during its credit event auction earlier today led to a drop between the initial and final recovery rate for settling credit default swaps referencing the bankrupt firm.

Fund managers are seeking to re-address the relationship with their prime brokers, when scripting over-the-counter contracts, as fears over counterparty credit risk has heightened since the implosion of Lehman Brothers.

Full coverage of the Awards event and the winners is now available below. Deutsche Bank was named Global Derivatives House of the Year at a gala dinner in London earlier this week (DW Online, 9/6).

Christian Wait, global head of credit sales at Lehman Brothers, has been tapped as head of capital markets for Standard Chartered.

Credit default swap spreads on U.K. banks pulled in significantly this morning after the Treasury unveiled a GBP250 billion plan to shore up the nation’s banking sector.

The International Swaps and Derivatives Association will hold a conference call Thursday with the International Islamic Financial Market to discuss setting up a Master Agreement incorporating Islamic law to document Sharia-compliant hedging transactions.

The higher closing price of subordinate versus senior bonds during the settlement auctions of Fannie Mae and Freddie Mac yesterday have some market participants questioning how the results came about.

Lehman Brothers’ co-heads of fixed income for Europe and the Middle East, Kieran Higgins and Georges Assi, in London, are expected to land at Nomura as part of the Japanese bank’s haul of credit staffers.

Deutsche Bank has been named Global Derivatives House of the Year by the editors of DW Online/Derivatives Week.

A pair of former Morgan Stanley structured investment sell-siders launched a fund focused on building a primarily derivatives-only portfolio.