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Sevag Vartanian, v.p. and investment-grade cash and credit-default swap trading at Citigroup in New York, is jumping to Goldman Sachs.
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The five-year credit-default swap spread between General Motors Corp. and its financing arm, General Motors Acceptance Corp., widened to about 270 basis points Wednesday from 190bps the previous day. -
Amar Kuchinad, director for structured credit trading at Credit Suisse First Boston, is joining Goldman Sachs as a managing director and will be trading single-name structured credit and equity exotic derivatives in New York.
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Fund of funds titan Gottex Fund Management, with USD5.1 billion under management, plans to offer structured products to pension funds and other hedge fund management firms.
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Credit hedge funds in the U.S. and Europe that have purchased the equity tranche of collateralized debt obligations are worried poor performance--caused by a deteriorating credit environment--could force a sell off, sending the value of their investments into a death spiral.
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Low implied volatility on the euro/U.S. dollar last week prompted speculative players to buy up cheap euro puts, looking to profit from the single currency's weakness.
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Morgan Stanley has hired David Grimes, v.p. and equity derivatives trader with JPMorgan in New York, as an executive director in the same role.
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Mizuho Securities is gearing up to structure tranched iTraxx Japan index products in the next few months. "Investors like the transparency of the index," said a senior credit official at the firm.
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The Royal Bank of Scotland is boosting its Asian fixed income business with senior appointments in Hong Kong and Tokyo.
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HSBC has hired Steven Phan, head of the funds and active strategies structuring and trading team at Merrill Lynch in London, to boost its global fund-linked business.
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The Royal Bank of Scotland has hired Christophe Edlinger, equity derivatives trader at Calyon in London.
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--Simon Gleeson, partner at Allen & Overy in London, talking in the wake of TD Securities' decision to close its exotics business because of rising regulatory costs for smaller derivatives houses.
