Derivs - People and Markets
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Two of Lehman Brothers’ senior equity derivative traders are tipped to land at Barclays Capital in London.
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The U.S. government bailout package approved this afternoon didn’t immediately register a calming effect.
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Bank of Ireland has set up a structured products desk in Stamford, Conn., to offer customized investments to its corporate clients.
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Barclays Capital has named James Pomeroy as a senior v.p. and counsel for equity and hedge fund derivatives in New York.
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The Hong Kong Securities and Futures Commission has shelved new applications for retail structured products in response to a slew of complaints about notes arranged by or linked to Lehman Brothers.
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Law firm O’Melveny & Myers has appointed Bronwen May as counsel in the law firm’s corporate finance and capital markets practice.
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Masanori Matsuda has joined Rabobank as its head of Japan structured product sales. Matsuda came from UBS, where he worked for 18 years, most recently as head of equity and alternative structured products, Japanese equities.
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A USD60 million differential in open interests to sell debt tied to Tembec Inc. versus orders to buy lowered the recovery value under credit default swaps referencing the troubled forest products company today.
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More than 60% of asset managers, pension funds and large-cap companies recently surveyed by an independent consultant are in support of lifting the U.S. ban on stock short selling, newly extended to Oct. 17.
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Asian credit default swap spreads stayed generally in the same range despite the U.S. Senate’s approval of the Treasury’s USD700 billion mortgage bailout plan.
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The Securities and Exchange Commission’s move to relax its mark-to-market accounting rules could not have come a moment to soon, but more opaque guidelines for valuing the securities will likely raise the cost of credit default swap protection.
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Users looking to hedge exposure stock market swings are being advised to buy certain fx options to buffer against volatility. One strategy touted by Merrill Lynch is to buy puts on the Canadian dollar and calls on the Swiss Franc.