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The International Swaps and Derivatives Association is planning to ask its members whether it should write a standard set of definitions for credit events in credit derivatives referenced to asset-backed securities.

The performance of an asset manager in a CDO is vital to its success.

Merrill Lynch has combined its alternative investments group and cash collateralized debt obligation group as well as vertically integrated its synthetic CDO business.

Merrill Lynch plans to hire 10-15 derivatives sales professionals to cover structured products in its recently combined debt and equity structured products marketing group.

Morgan Stanley has rehired Joseph Naggar, managing director and head of credit securitization at Swiss Re in New York, as an executive director in secondary trading in the securitized products group.

NewSmith Capital Partners, the investment management and advisory shop launched last year by a team of senior Merrill Lynch alumni (DW, 5/5), is preparing to launch a range of hedge funds and is setting up the framework to offer derivatives to its clients.

Nikko Citigroup is looking to hire two additional credit derivative structurers for its Tokyo-based desk.

Fitch Ratings plans to release its model for rating collateralized debt obligations of CDOs and publish a criteria report before the summer.

The proportion of credit events triggered by the restructuring clause in credit-default swaps almost doubled last year.

STOXX is reportedly considering launching a volatility index with the aim of creating a European equivalent of the Chicago Board Options Exchange index of implied volatility on Standard & Poor's 500, the so-called VIX contract.

Five-year credit protection on chicken and beef producer Tyson Foods spun wider last week after the European Union banned the import of American poultry.

Susquehanna International Group plans to catapult its institutional brokerage arm Susquehanna Financial Group from being a top 20 player to standing in the top 10 by year-end.