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UBS has hired Ketan Parekh, head of the funding program at sub-prime originator Ameriquest Mortgage, as an executive director. Parekh is focusing on sub-prime issuers, including his old employer and others such as New Century Financial.

Aziz discusses domestic banking reform and global economic imbalances

Bank of America has hired Emmanuel Slezack, senior equity index trader at JPMorgan in London.

Barclays Capital has hired Jane Privett, a collateralized debt obligation product manager at Deutsche Bank in London, as a director in its U.K. institutional credit sales team.

Barclays Capital has hired Bear Stearns equity structured products assistant director Johnny Wu as an associate director in its equity derivatives and structured products sales division in New York.

Toronto-based Abria Financial has launched a new principal-protected structured product that provides investors with exposure to the Abria Alternative Strategies Fund, a fund of funds.

Citigroup is expected to charge Richard Burns, co-head of equity derivatives for Europe, with setting up a global group for structured products.

Malik Chaabouni, European co-head of credit structuring at JPMorgan in London, is set to join a growing list of senior credit and equity derivatives professionals to leave the structured credit giant, according to colleagues.

Credit officials predict writing capital protection on the equity tranche of collateralized debt obligations will be the next generation of credit structuring.

Some 20 credit traders from the major firms, including UBS, Deutsche Bank, Goldman Sachs and JPMorgan, are aiming to standardize recovery swaps in an attempt to boost volumes.

Credit Suisse First Boston has hired Fater Belbachir, equity derivatives proprietary trader at Bear Stearns in London, for a similar role.