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Most company directors know that they must act for the good of their companies.

UBS has hired Hugo Faria, managing director and head of Latin American derivatives marketing at Deutsche Bank, in a senior emerging market derivatives role.

Newly launched hedge fund manager Pisces Capital Management will likely enter over-the-counter derivatives to hedge positions in its Pisces Capital fund, which adopts special situations and value-driven strategies.

said Mark Travis, TransFirst's cfo.

Jefferies International is planning to build a five-person European high-yield and distressed debt team based in London.

ING Investment Management is planning to maintain active positions in European telecoms, financials and autos and will add paper as bonds mature.

Ginnie Mae plans to introduce a new class of hybrid adjustable-rate mortgages to give investors access to longer pools of mortgage-backed securities.

Envision Capital Management is moving assets out of high yield and distressed bonds and parking proceeds into a larger cash position until rates move up.

Loomis Sayles may add more than $600 million in mortgage-backed securities at the expense of Treasuries and high-grade corporates.

--Han Rijken, head of investment-grade credits at ING Investment Management, on tight levels in the sector.

The downgrade of Royal Dutch/Shell one notch by both Standard & Poor's and Moody's Investors Service failed to arouse much interest in the credit-default swap market last week.