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Strong Capital Management is reorganizing its fixed-income investment team after the recent departures of Ashok Bhatia, Thomas Sontag and John Bonnell, three of its portfolio managers.

BlueCrest Capital Management, has nabbed two more senior Bank of America interest rate staffers.

Bank of America has hired Renzo Arcoria, senior structured credit salesman at Bear Stearns, to be responsible for Southern European debt sales.

CALYON, the merged Crédit Lyonnais and Crédit Agricole Indosuez bank, has hired Kang Yeong Woo, interest rate trader at BNP Paribas in Singapore, as head of the newly minted interest rate, currency and commodities trading group in the capital markets division in the Lion City.

Citigroup Global Markets has added three staffers to its equity derivatives group in New York.

Centrica, a U.K. based energy supplier, has unwound some of its foreign exchange forward contracts on the Canadian dollar/sterling currency pair and entered a two-to-three-year currency swap to lock-in the current exchange rate.

Deutsche Bank has hired Vaughn Adnams, equity derivatives salesman at Merrill Lynch in London, and Michael Cameron, in equity derivatives sales at Société Générale, also in London, for its institutional derivatives group, according to Jason Good, global head of institutional derivatives.

The greenback's dramatic across-the-board depreciation over the past year has pushed corporates' foreign exchange hedges in or out of the money and because of the size of these positions banks are increasingly pressurizing clients to post collateral.

--Adrian Coates, treasurer at ScottishPower in Bellshill, Scotland, explaining why he is reluctant to enter such agreements.

Deutsche Bank has re-hired Zar Amrolia, former co-head of corporate derivatives marketing at Goldman Sachs in London, as first reported on DW's Web site (www.derivativesweek.com 4/21).

Goldman Sachs has hired Todd Bickmeyer, a foreign exchange options sales professional at Merrill Lynch in New York, for a similar role.

Short-dated euro/dollar implied volatility spiked early last week on the back of a greenback rally in the spot market, following comments from Federal Reserve Chairman Alan Greenspan suggesting interest rates will be raised.