Derivs - People and Markets

Investment banks are slowing complex trading and spending millions to clean up messy back offices in the wake of the Jérôme Kerviel affair, City consultants say.

Equity derivatives structurer Laure Gendron has left Morgan Stanley in London and is expected to resurface at Credit Suisse.

Calyon has hired a senior commodities sales head in a new role as regional head of commodities for Asia.

Banco Santander is preparing to open a representative office in Shanghai as part of its Asian expansion.

A group of dealers is pushing forward with a plan to establish a clearing house for credit derivatives in co-operation with The Clearing Corparation.

A breakdown in LIBOR-linked funding is leading market participants to peg derivatives transactions on alternative rates such as overnight index swaps.

The Taiwanese retail market for structured investments has been particularly hard hit by recent market turbulence, with bankers reporting that market activity has backed off by close to 90% since last year.

Calyon has appointed a Hong Kong-based director as head of its interest-rate derivatives and hybrid structuring group for Asia ex-Japan.

A group of chief executives of credit derivative product companies are seeking more formal representation in the industry.

Dislocations in the credit markets have forced collateral management to evolve, with a greater focus on dispute resolution, according to a panel of collateral managers and lawyers at ISDA's annual general meeting.

Robert Pickel, ceo of the International Derivatives and Swaps Association, opened today’s annual general meeting by warning new derivatives regulation must not be implemented in haste.

Equity-linked structured products—particularly those sold to the retail sector--will come under increased scrutiny by regulatory bodies, senior banking lawyers told an International Swaps and Derivatives Association forum today.