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The Royal Bank of Scotland has started quoting prices on novel, loss-capped options which give holders a passport to trade in and out of a credit index or a single-name credit-default swap.

Cedric Veylon, an equity derivatives trader at SG Corporate & Investment Banking in Paris, has left the firm.

A recent decision by the Commodity Futures Trading Commission, Khorram Properties v. McDonald Investments, CFTC Docket No. 04-R045 Oct. 13, 2005, addresses the question of whether the line of business exemption created by the CFTC's 1989 Policy Statement Concerning Swap Transactions continues to be viable.

Cash asset-backed securities could see more volatility as collateralized debt obligation managers increasingly turn to the synthetic market to ramp up assets.

Vanderbilt Capital Advisors is gearing up to manage a synthetic asset-backed securities collateralized debt obligation.

Portman Building Society, the U.K.'s third largest thrift, is marketing its Guaranteed Equity Account with a minimum return of 114% after six years.

SG Corporate & Investment Banking has hired Thomas Doyle, a director in fund derivatives at KBC Financial Products in London, as deputy head of alternative investment sales. Doyle is based in London, reporting to David Escoffier, head of equity derivatives for the U.K. Doyle said his role is to build out SG's hedge fund and hedge fund of fund-linked business from London.

Bank of America is waiving assignment fees for lenders and agents trading B of A-led loans.

Peter Flink, executive director, and Manay Patel, associate, both in Morgan Stanley's corporate derivatives group, have left the firm. The pair reported to Elinor Hoover, managing director of corporate derivatives, who did not immediately return phone messages.

Bank of America has hired Tim van den Brande, a former credit structurer at Merrill Lynch in London, as a director in the product management team focusing on arranging and marketing managed credit structures.

A managing director in proprietary credit trading has left Bear Stearns.

JPMorgan has unveiled a shakeup of senior management and the departures of John Corrie, head of European equities, and Fawzi Kyriakos-Saad, head of European credit and global emerging markets. The reorganization, as first reported by DW (www.derivativesweek.com, 1/27) will see core business lines centered in New York. According to an internal memo from Bill Winters and Steven Black, co-heads of the investment bank, obtained by DW, Don McCree takes on responsibility for global credit, including derivatives and structured products. Patrik Edsparr, who is transferring from New York to London, becomes global head of rates and securitized products, which includes trading and derivatives, fixed income hybrids and exotics. He will also be responsible for proprietary positioning and principal investments. David Puth will run global currencies, commodities and also global emerging markets, and Carlos Hernandez becomes global head of equities, including derivatives, structured investments and equity exotics. Tony Best will run structured derivatives marketing, as well as credit and rates sales for EMEA and investor client management, reporting jointly to Black and Winters.