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Kevin Murphy, Richard Johnson and a third member of the marketing team left Stanfield Capital last week.

The first credit index option with a one-year maturity was traded this morning in London. The trade is a straddle on the Series 5 iTraxx Europe with a March 2007 expiry and 50 basis points strike and Goldman Sachs, UBS and a third undisclosed counterparty were involved in the deal.

Politics, not economics, is driving the latest wave of energy integration across Latin America

Scaling back dependence on US trade is vital for Latin America’s prosperity, Brazil’s foreign minister Celso Amorim tells Emerging Markets. But the real test is yet to come

Felisa Miceli was a surprise choice as Argentina’s new economy minister. What her views are remains anyone’s guess

CAF and BBVA, poverty in Argentina, Antigua takes on the US

IFC in India, Phillippines' fiscal position, Thai household savings

Gary Cottle, managing director and head of European corporate derivatives sales at Barclays Capital in London, has quit the firm. An official on the desk confirmed his departure, but Cottle did not return messages left on his cell and it could not be immediately determined if he has taken a new position. He reported to John Winter, head of capital markets in London, who referred calls to the press office where Kerry Kennedy, spokeswoman, did not comment by press time.

BNP Paribas has hired Dan Bystrom, director and head of exchange-traded fund options trading. Edwina Frawley, spokeswoman, confirmed the hire and said Bystrom will report to David Abner, head of ETF in the Americas, and Stephane Petermann, head of index options trading in the Americas. Before joining BNP, Bystrom was an independent trader and prior to that he spent five years at Merrill Lynch in equity derivatives, most recently as head of ETF options trading.

Credit Suisse has signed up Kaan Basaran, managing director in structured products sales to the Middle East at Merrill Lynch in London, to head its investment banking division in Istanbul. He joins as managing director reporting to Ram Nayak in London, who was on holidays and unavailable for comment. Reached on his cell, Basaran declined to detail his new position and Rebecca O'Neill, spokeswoman, did not return a phone message by press time.

Scotia Capital, the investment banking arm of Canada's Scotiabank, is revving up its newly-minted credit structuring desk in Asia and recently rolled out a managed CDO deal. "We've had a big corporate banking presence in the region for over 30 years," said Matt Giffen, managing director and Asian head of structured products in Singapore. "This Asian expertise, coupled with our success in doing structured credit deals in the region over the last few years made it clear we needed to build on our partnerships and investor base."

As banks become more focused on generating a better return on their equity, and as Basle II bites, Europe's corporates will find their traditional source of financing — the syndicated loan — becoming more expensive. This bodes well for the high yield bond market which will surely take its place as a core source of funding for Europe's fast-growing corporates.