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The Depository Trust & Clearing Corp. is planning early next year to complete its search for a credit derivatives trade settlement agent and to finalize the back loading of existing over-the-counter contracts to an automated platform.

Euro/U.S. dollar implied volatility plummeted to new lows last week and spot backed off of recent highs as hedge funds unwound bearish dollar positions from the week before.

--Adam Cole, senior currency strategist at RBC Capital Markets, on the fast-paced declined in the dollar last week.

Florham Park, N.J.-based GSC Group has launched a multi-strategy credit hedge fund, according to a Goldman Sachs cap intro document.

JetBlue Airways five-year credit-default swaps tightened by 35 basis points last week, moved by broader sector news that US Airways has launched an USD8.67 billion hostile takeover bid for Delta Air Lines, which is still sitting in bankruptcy.

Lehman Brothers in London has hired Richard Cope, director in fixed income derivatives marketing to U.K. corporate clients at UBS in London.

A negative basis trade is a credit derivative trade in which the buyer of a debt instrument purchases credit protection in the form of a credit-default swap.

Anchorage Capital Group, a hedge fund firm launched three years ago by Goldman Sachs bank debt honchos Kevin Ulrich and Tony Davis, is due to launch a quantitative structured credit fund this month.

Rabobank International has hired Arnaud Desombre, an independent commodities and futures trader, as head of equity derivatives trading for the Americas in New York.

The warehouse system unveiled by the Depository Trust & Clearing Corporation last week could reduce the incentive to move over-the-counter trading of credit default swaps onto an exchange in the future, according to flow traders.