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A proposed accounting standard will reduce the number of government-issued derivatives that qualify as effective hedges and receive special accounting treatment.
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Lehman Brothers has hired Patrick Jahnke, responsible for equity derivatives flow sales to Germany at UBS, for a similar role.
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--P. Chidambaram, India's minister of finance, declaring in last week's budget speech he would work with the International Swaps and Derivatives Association to strengthen the status of OTC derivatives in India.
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Merrill Lynch has hired Abhinav Gorawara and Monique Sin, officials in the third party group at JPMorgan, have joined the retail structured products desk within the strategic solutions group.
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Derivatives houses are encouraging their buyside counterparties to join market matching and confirmation systems the Depository Trust & Clearing Corp. and SwapsWire have developed, with penalties looming for participants that delay automating.
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European structured products and bonuses for the bankers who staff the market are in jeopardy because of a new accounting rule that bars upfront recognition of profits. -
Radian Asset Assurance is looking to invest in forward starting synthetic collateralized debt obligations as a way of increasing the spread it is paid for taking CDO exposure.
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The Royal Bank of Scotland is looking at the potential of an onshore Korean derivatives operation and recently shunted B.C. Kang, head of the Korean coverage desk in Hong Kong, to Seoul to establish a representative office.
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SG Corporate & Investment Bank has hired a sales team from Citigroup to start marketing equity flow derivatives to German clients from its Frankfurt office.
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Tightening credit spreads last week saw the European iTraxx index drop below 30 basis points for the first time.
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A bankruptcy bill with a provision for netting supported by the International Swaps and Derivatives Association went to the U.S. Senate last week.
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Argentina brought down the curtain on the biggest debt default in history this week, with a triumphant final act in which investors surrendered to its restructuring plan and accepted losses of up to 70%.
