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Derivatives trade associations are requesting the Securities and Exchange Commission clarify a disclosure rule dealers say is penalizing CDO issuers.

Whispered wheelings and dealings could be heard in dark corners of the Hotel Arts early in the week, but the meetings were nothing to do with ABS.

The price of protection across the board widened last week as hedge funds and prop desks put on cross-curve steepeners and other bearish trades.

Britannia Building Society has synthetically hedged exposure to GBP130 million (USD243 million) of asset-backed securitizations in what market watchers say is a first-of-a-kind transaction in that it covers potential drawdown of reserve funds.

--Jonathan Kinlay, ceo of Proteom Capital Management, commenting on how a pickup in global volatility has prompted renewed interest in Proteom's variance swap hedge funds.

Vertical Capital, a USD5 billion structured finance asset manager partly owned by Bank of America, is issuing a second tap of its first synthetic collateralized debt obligation.

Proteom Capital Management, a New York-based fund manger, is hoping its fledgling variance swap funds will take off after struggling for a year.

WestLB has brought aboard Dennis Wan, head of China sales and head of fx sales for Asia ex-Japan at JPMorgan in Hong Kong.

ABN AMRO last week hired Muse Kwong, structurer at UBS in Hong Kong, as regional head of the derivatives solutions group in Hong Kong.

The major rating agencies are investigating methods which will allow them to rate the volatility risk of tranches of synthetic collateralized debt obligations.

Barclays Capital has named Romeo Uyan, head of credit trading for Asia in Singapore, to a new role as head of Asia credit products.

Barclays Capital has structured an investment which pays out if housing prices fall.