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Rick Weinstein, managing director and head of credit derivatives at Dresdner Kleinwort Wasserstein in London, has become global head of credit derivatives structuring and Javier Martin-Artajo, head of credit derivatives trading in London, will now be global head of credit derivatives trading and co-head of the group. The two new positions were created because of the growing importance of the trading business and follows the appointment of Paul Lewitt, co-head of credit derivatives at Westdeutsche Landesbank in London, as head of credit derivatives flow trading. Lewitt reports to Martin-Artajo.

The day of September 11 will have a particular significance for ABS bankers, many of whom were gathered in Berlin a year ago to attend a conference on northern European securitisation. Away from the bustle of syndicate desks and computer screens, bankers, rating analysts and investors were all looking forward to a day of jovial celebration. Instead it was one of grief and incomprehension.

HypoVereinsbank launched an Eu830m managed collateralised debt obligation this week, one of a number of CDOs edging into the European market after the summer break. Upper Thames SA offered five tranches of five year soft bullet notes below a Eu705.5m credit default swap. Originally all notes were to be denominated in euros, but a dollar tranche of $10m was added in response to investor demand.