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Merrill Lynch has hired two of the biggest names in the burgeoning U.K. inflation derivatives market: Jacob Oppon and Christian Alibert, both from Royal Bank of Scotland in London.

David Barker, managing director of risk management products at UBS in Frankfurt, has resigned after nine years at the firm.

The price of protection on Adecco, a Swiss recruitment giant, came in 30 basis points on Tuesday as the market recovered from news that the firm's creditors would allow a further delay to its financial statement on the previous Friday.

Credit Suisse First Boston has integrated its cash and derivatives sales forces in both its credit and interest-rate divisions.

Two credit derivatives traders have left Lehman Brothers in London.

Banc of America Securities has hired Peter Nguyen, a credit derivatives salesman at Credit Suisse First Boston in New York, to head a newly created group dedicated to liquid credit derivative sales.

Scott Rodman, managing director in the alternative risk markets group at Deutsche Bank in New York, has left the firm.

Deutsche Bank is beefing up its high-yield credit derivatives trading desk in the U.S. and has transferred Chip Stevens, senior investment-grade credit derivatives trader, to co-head the high-yield activity.

Deutsche Bank has set up an equity derivatives quantitative trading group and has hired Zemach Sternberg, a former managing director at Salomon Smith Barney to spearhead the operation, as first reported on DW's Web site (DW, 4/5, www.derivativesweek.com).

Seth Vance, former head of collateralized debt obligations at Deutsche Bank in London, has joined Scottish Re--a Bermuda-based global life reinsurance specialist--as president and ceo of the Americas division.

Corporate derivatives groups are struggling to execute deals as corporates turn away from equity derivatives in the wake of corporate scandals and planned accounting changes. "Corporate derivatives [are] becoming extremely difficult," said one corporate sales official at a European bank.

In broad terms, counterparties permitted to engage in OTC derivatives with French funds must be alert to two broad categories of issues: (i) the legal capacity and authority of the relevant type of French fund to enter into the particular type of derivative and (ii) compliance with the provisions of French Decree 89-623 applicable specifically to OTC derivatives with French funds.