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Credit-default swap spreads on Fiat and General Motors Acceptance Corp tightened last Monday after General Motors agreed to pay EUR1.55 billion to unwind the Italian car maker's option to sell Fiat to GM.

Equity derivatives sales professionals are recommending money managers start playing the equity volatility markets, an area which has traditionally been the preserve of the sophisticated hedge fund.

Pyrenees Capital Management, a Stamford, Conn.-based hedge fund which specializes in weather and natural gas trading, plans to start trading weather contracts referenced to Asia.

In two separate initiatives at the end of last year, the New Zealand Government signalled impending law reform that will impact the derivatives industry.

The International Swaps and Derivatives Association expects to publish its best practice statement for CDX master confirmations on credit derivative indices within a month.

Lehman Brothers has hired three senior equity derivatives officials from JPMorgan.

Jaakob Gore has exited Morgan Stanley, where he worked as a credit trader in New York, to join Wachovia in Charlotte, N.C.

Cameron Munro, former director in ING's credit trading division and previous head of credit derivatives trading at Bank of America, Royal Bank of Scotland and National Australia Bank, has joined Reoch Consulting in London.

New Star Asset Management, a U.K. retail fund manager, is looking at offering single tranche collateralized debt obligations to investors.

The National Aeronautics and Space Administration, General Motors and Ford Motors have started to attended meetings on the implementation of Basel II to see what they can learn from banks regarding operational risk.

The dollar rally against the yen last week pushed traders into buying dollar calls and drove down the price and volume of dollar puts.