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Citigroup has structured a note to give investors principal protected exposure to the highest yielding stocks in the Dow Jones Industrial Average.

A U.S. District Court has called into question the meaning of the Restructuring credit event in International Swaps and Derivatives Association credit definitions and granted hedge fund Eternity the right to take JPMorgan to court for breach of contract, at the third time of asking.

"Three bites at the apple is enough." So said District Judge Lawrence McKenna in his decision against hedge fund Eternity in June 2003 when deciding in favor of JPMorgan that the second amended complaint of Eternity should be dismissed.

Foreign exchange trading volumes on Eastern European currencies have soared over the last quarter as derivatives houses have gotten bullish on the countries' growth.

The Financial Services Authority has asked the Bank of England's Financial Markets Law Committee to review what impact an Australian court ruling could have on regulatory capital netting in the U.K.

Jack Frishberg and Nicholas Clemente, credit structurers at Deutsche Bank in New York, have left to join Rabobank and Bear Stearns, respectively.

JD Cronin, head of equity derivatives trading at Bank One in Chicago, which has now merged with JPMorgan, has left the firm.

Record steepening in the 20-30 year end of the municipal bond yield curve, combined with the gapping out of spreads between muni bonds and Bond Market Association (BMA) swap rate, which track muni rates, last week sent hedge funds scrambling to exploit the moves.

Dylan Brooks, credit derivatives trader at Deutsche Bank in New York, is joining RBS Greenwich Capital as a managing director.

Oriental Marine and Fire Insurance in Seoul is looking to invest approximately USD50 million (GBP26 million) in credit-linked notes.

A handful of fixed-income veterans have joined OTA Asset Management as part of the firm's plans to launch a hedge fund next month.

Jerry Gluck, managing director in the CDO group at Moody's Investors Service in New York and Jersey City, N.J., is moving to San Francisco to take a position working with Moody's KMV, the separate risk assessment unit.