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Morgan Stanley is planning to launch an onshore Korean operation.

Five-year credit-default swap spreads on MCI have narrowed by over 100 basis points over the past few weeks as Qwest Communications International and Verizon Communications bid to buyout the Ashburn, Va.-based telecom company.

Robert Fagen, head of U.S. derivatives sales in the institutional equity group at Morgan Stanley in New York, is jumping to Lehman Brothers' derivatives sales team.

OCBC Bank is preparing to establish a credit derivatives operation as well as build up its equity derivatives desk.

--Donald Carden, partner at Clifford Chance in New York, voicing his concerns about the proposed International Swaps and Derivatives Association documents for credit derivatives on asset-backed securities.

Scottish Equitable is readying its first capital-protected investment product.

SG Corporate & Investment Banking has hired Raphael Geys as head of fixed income sales for Europe.

Standard Life Investments is looking to add an income product to its structured investments range.

Confusion over the tax treatment of individual savings accounts may damage sales of structured products, warned conference speakers.

Wachovia Securities is combining its equity capital markets and equity-linked products units.

Some types of credit derivatives on asset-backed securities could be ruled to be guarantees or insurance contracts, which would make them subject to a harsher tax regime and, in the case of insurance, prevent banks from trading them.

Kevin Robik, head of structured equity products for Bear Stearns, has left the firm to launch his own hedge fund.