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Major asset managers in Thailand, including SCB Asset Management and Kasikorn Asset Management, are looking at offshore products such as synthetic collateralized debt obligations on the back of recent deregulation. Two weeks ago the Bank of Thailand announced it would ease exchange control regulations to allow institutional investors access to offshore markets.

Officials at several major derivatives houses are protesting a requirement to seek permission from JPMorgan and Morgan Stanley to structure trades on the TRAC-X index. They say the rule, required under licensing agreements, could stifle liquidity and innovation related to TRAC-X and prompt a move toward trades structured on arbitrary baskets.

Chris Pohle, managing director in institutional equity derivatives trading at UBS in Stamford, Conn., has left the firm. Pohle reported to Michael Mahaffy, managing director and head of equity derivatives, according to Kris Kagel, spokesman in New York. Mahaffy did not respond to messages.

Tresckow Capital Management will consider opting for non-recourse leverage for its recently launched Tresckow Partners risk arbitrage fund, which currently holds USD10 million in assets.Jonathan Choslovsky, partner in San Francisco, said the firm will look to leverage its positions as the fund grows and becomes involved in more merger and acquisition plays. By taking on non-recourse leverage Tresckow will be protected form any risk in the deal, with the leverage provider being responsible for the leveraged assets, he added.

Bradford & Bingley, a U.K. financial services firm, has converted a three-year EUR300 million (USD344 million) floating-rate note into a synthetic sterling-denominated liability. Peter Fullerton, head of dealing in Bingley, said, "The spread on sterling is marginally in our favor." The maturity of the swap will match that of the note.

Westdeutsche Landesbank has merged its equity derivatives and fixed income groups in Tokyo. Kei Mitsui, head of distribution in Tokyo, said the move follows the firm's closure of its cash equity business earlier this year. Mitsui said that salesmen from the fixed income side are now cross-marketing fixed income and equity products to corporates while specialists from the equity group are concentrating on securities firms.

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.