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The vast majority of synthetic structured finance collateralized debt obligations are cash-settled and these require a market valuation process to determine the percentage loss following several types of credit event. -
Credit derivative houses in Asia have agreed to start trading 10-year contracts referenced to the iTraxx credit derivatives index next week when the indices rollover.
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Barclays Capital is looking to boost its presence in the Japanese credit derivatives market with a wave of hires in the coming months.
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Barclays Capital has hired Hans Hinden, equity derivatives flow salesman at Morgan Stanley, for a similar role in London.
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Belgian fund managers are finally able to launch structured products wrapped in onshore fund wrappers, under updated European fund rules implemented last week.
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Citigroup has let go two managing directors and six other staffers principally focusing on gas and oil from its New York-based businesses as part of its plan to shift the focus of its operations to Houston.
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The tight credit spread and low volatility in Asia is spurring new products for the region, one of which is CPPI-linked structures.
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Citigroup has flown in Luke Randell, head of Australian equity derivatives in Sydney, to head its European equity derivatives trading operation in London.
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--Aditya Rana, executive director at Morgan Stanley in Hong Kong, singing the praises of constant proportion portfolio insurance. He thinks it will bring more investors into the market.
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Matthew Carrara, managing director and head of the Americas for the global equity derivatives division in New York, and Karen Fang, a director in structured and investment products also in the global equities division, have both left Deutsche Bank.
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Noreddine Sebti, head of European equity derivatives trading, is moving to Deutsche Bank's New York office.
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Credit traders were scrambling to buy protection on Delphi Corp. last week after a slew of negative announcements started rumors the Troy, Mich.-based auto part maker might file for bankruptcy.
