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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.

Goldman Sachs has appointed Paul Russo, managing director for equity derivatives, as head of One Delta, a unit that covers portfolio trading, exchange-traded funds, and stock trading, according to a firm insider.

Extendicare Health Services (EHSI), a U.S. healthcare subsidiary of Extendicare, recently entered two interest-rate swap and cap agreements to convert fixed-rate debt offerings into synthetic floaters.

A liquid correlation derivatives market encompassing a range of asset classes is likely to emerge in the coming three-to-five years, according to Sydney-based derivatives author and consultant Satyajit Das.

Rajan Kundra, a proprietary interest-rate derivatives trader at Lehman Brothers in New York, has left the firm.

The International Swaps and Derivatives Association is developing a standard set of definitions for credit events on credit-default swaps referenced to asset-backed securities.

Last week JPMorgan and HSBC completed the first 15-year Hong Kong dollar interest rate swap in the interdealer market, according to officials at both firms.

Merrill Lynch has made four new hires to its recently merged debt and equity team (DW, 2/22).

Premier Fund Managers is selling calls to structure a fund that pays out if the FTSE100 grows by more than 4% a year.

Merrill Lynch has hired Stephane Shin, structurer at JPMorgan in Seoul, to cover Korea from its Hong Kong desk.

--Cristina Garcia Peri, head of corporate derivatives at Merrill Lynch in London, explaining one of the reasons why the corporate derivatives market is quiet.