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The Danish industrial workers' pension fund is looking at redirecting some of its DKK24.6 billion (USD4 billion) into over-the-counter and listed derivatives, according to DW sister publication Global Money Management.

Fitch Ratings plans to publish its approach to rating collateralized debt obligations referenced to equity-default swaps next month, in a move that could lead to it publishing its criteria for the instruments.

On Nov. 27, 2001 the International Swaps and Derivatives Association circulated the first draft of a new version of the ISDA Master Agreement (the 2002 Agreement) to its members.

Lehman Brothers last week brought aboard Fumio Nashiro, head of distribution at Bear Stearns in Tokyo, in a new role as a managing director in equity structured product sales in Tokyo.

CapitalSource, a middle market lending firm, intends to add eight to 10 bankers in its New York office within the next year or so.

Australia's Macquarie Bank is looking to re-tap its backyard with a second retail synthetic collateralized debt obligation targeted for early next year. "We're still in the market-testing stage, but this should launch by February or March," said Craig Swanger, head of structured products and alternative investments at Macquarie in Sydney. The bank launched a NZD129 million (USD84 million) retail CDO last year in New Zealand and a AUD103 million (USD72 million) structure in May as part of its Generator series. "These products have been around now and the sky hasn't fallen so people are accepting them more and more," said Swanger. Macquarie will put out a tender in the coming months for international houses to provide potential global CDO structures, which the Aussie bank would source for the retail deal, looking at such factors as pricing and suitability.

Nestlé is considering using derivatives to hedge its global energy exposure.

The foreign exchange options market focused last week on non-farm payroll data due to be released after DW went to press on Friday, which caused overnight implied volatility on the euro/dollar currency pair to rise to 20% on Thursday from its usual 10%-13% level.

Structurers at UBS in London are looking to launch a fund of hedge funds product with an innovative inflation-linked payoff in the next three months.

The Inland Revenue, the U.K. tax authority, published legislation last week clarifying a favorable tax treatment of property derivatives.

The price of credit-default protection on U.K. supermarket chain J Sainsbury jumped 12 basis points Thursday to 81bps following press speculation that U.S. retailer Target Corp. was preparing an offer.