Derivs - People and Markets

Two senior credit bosses have left Merrill Lynch in Hong Kong, sparking talk that more may follow.

Senior equity derivatives flow salesman Yannick Mallegol, snaffled from SG Corporate & Investment Banking by Credit Suisse early this year, is no longer joining the Swiss bank.

The Bank of Thailand is understood to have submitted a new credit derivative regulation to the Thai Ministry of Finance that could pave the way for local commercial banks to enter into total-return swaps, currently not permitted by law without BoT consent.

The Securities and Financial Markets Association has formed a global, investor-led task force to examine the credit rating agencies system and the group is expected to meet sometime before mid-May to map out its plan and priorities.

Regulators have told DW that creating a central clearing house for credit-default swaps is not a move they are pushing for.

Barclays Capital is looking to expand its Latin American equity derivatives offering, as well as its North American exotics trading capabilities, by hiring additional traders to cover these areas.

Banco Stantander has replaced William Lyons, former head of globaly equity derivatives trading, with an internal hire.

Barclays Capital is planning to grow it fund-linked business, adding dedicated traders and structurers to the region.

Lehman Brothers has scooped up a sales head in Singapore from JPMorgan.

London-based Pamplona Capital Management will launch a credit opportunities fund in the next six months.

Lawyers say the recent slew of collateral disputes caused by valuation discrepancies is leading to either entirely new agreements or significant changes, rather than lawsuits.

San Francisco-based Union Bank of California is readying the launch of equity-linked structured investments, which it will sell to its high-net-worth investors.