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JPMorgan, Morgan Stanley and BNP Paribas expect to start trading TRACX, their European index of credit-default swaps, early this week. The product, which was originally scheduled for release last month was put on hold while the International Swaps and Derivatives Association finalized the 2003 credit derivatives definitions. Clients will be able to buy and sell protection in funded and unfunded forms, according to an official familiar with the index.

This chart, provided by Citibank/Salomon Smith Barney Inc., tracks bid-ask prices for par credit facilities that trade in the secondary market. It also tracks facility amounts, ratings, pricing and maturities.

Commerzbank Securities is continuing to suffer departures from its New York and London offices, Simon Clowes, global head of proprietary trading, being the most recent high-profile loss. The resignations stem from disappointment with bonus payouts as well as general concerns over the direction of the firm, according to officials familiar with the moves. Neil Brazil, spokesman for Commerzbank Securities in London, confirmed the move, but declined comment on the reason for the departure.

Susumu Omori, Tokyo branch manager at Credit Suisse First Boston, has resigned for personal reasons, according to an internal memo (see below) obtained by DW. Paul Kuo, ceo in Tokyo, has assumed Omori's responsibilities, said Isamu Kajino, spokesman. Omori could not be reached. Kuo was co-head of the securities division (DW 7/21) and reported locally to Omori.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

The Asian structured foreign exchange derivatives market has picked up steam in recent weeks due to the greenback's fall against other major world currencies. "Given the recent dramatic movement in the fx market, we're seeing a lot of inquiries," said Samir Atassi, director in the strategic solutions group at Merrill Lynch in Hong Kong. For instance, Atassi noted that several companies are now looking at hedging their yen exposure as they tend to have revenues in dollars. Much of the outstanding yen liabilities are a result from bilateral loans from Japanese export agencies in markets such as China and South East Asia. "A lot of corporates weren't expecting such a rapid fall," he added.

Implied volatility for euro/dollar options rose sharply last Tuesday after a yard of three-month risk reversals and around USD600 of euro calls went through the market. One-month implied vol rose to 11.65% Tuesday from 10.9% the previous Friday. Traders said the euro calls/dollar puts had strikes of USD1.2250, when spot was trading at USD1.19. The three-month risk reversal trades pushed the risk reversal to 1.05 vol in favor of euro calls. By Wednesday, however, traders said that most of the speculation had been done and by Thursday the risk reversal was trading at 0.85 vol and one-month implied vol had fallen to 10.65%.