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There is a growing interest among banking institutions to invest in capital-protected notes linked to hedge fund indices, hedge fund-of-funds and equity indices.

Filippo Cipriani, executive director and head of local markets currency trading at Morgan Stanley in New York, plans to join Brevan Howard Asset Management, a London-based hedge fund with about USD6.7 billion under management.

Evolution Markets, a White Plains, N.Y.-based brokerage firm for the energy and environmental markets, has launched a North American over-the-counter natural gas and power options desk.

Citigroup has combined its European equity cash and derivatives trading.

Credit Suisse First Boston hired Benoit Vallieres, a Northeast power trader at Citigroup in New York, as a director in the fixed-income derivatives division to trade power and energy.

Products with capital protection provided by constant proportion portfolio insurance are too complicated to sell to retail investors.

Currency option traders with bullish U.S. dollar views piled into dollar/Swiss franc last week to capture dollar upside.

Goldman Sachs in London has combined its equity and credit derivatives strategy teams.

Eriswell Capital has traded a novel debt against equity structure which has caught the eye of several market makers because it offers a natural hedge for their correlation books.

Sistema, one of Russia's largest holding companies, completed the largest ever Russian IPO on Tuesday, when more than 300 funds piled into its $1.35bn London flotation.

The most successful emerging markets have followed unorthodox policies, argues Harvard economist Dani Rodrik