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Alex Reyfman, U.S. credit derivatives strategist at Goldman Sachs in New York, is joining Bear Stearns. Reyfman, who could not be reached, is thought to be joining the firm in a similar role, according to an official familiar with the move. Bruce Corwin, spokesman at Goldman in New York, confirmed his departure and declined further comment. Michele Agostinho, spokeswoman at Bear Stearns in New York, declined comment.

Shanghai Industrial Holdings, a Hong Kong-based conglomerate with assets totaling over HKD16.6 billion (USD2.15 billion), plans to seek board approval to invest in credit derivatives for the first time. "We're looking at new ideas," said Pauline Lai, manager of the finance department. Shanghai Industrial recently received HKD5.7 billion from infrastructure projects in China, which will need to be re-invested, according to an analyst. He continued that the conglomerate, along with most Asian firms, is cash rich. "Since the Asian crisis, most companies have been conservative and focused on repairing their balance sheets," he added.

The International Swaps and Derivatives Association is likely to revisit the debate about how documentation on restructuring and bankruptcy credit event triggers should be worded because of pressure from protection sellers. A decision to review the triggers would most likely happen at the next meeting of ISDA's market practice committee, which is expected to take place next month.

The International Swaps and Derivatives Association held its Asia-Pacific meeting in Hong Kong last week. The region's decision makers met to discuss the trade association's latest ventures. Matt Tremblay, reporter, attended.

The International Swaps and Derivatives Association is creating an Asian risk management committee in the coming months and has hired Chiang Kheng Hong, v.p. in the market risk group at OCBC Bank in Singapore, to spearhead the effort. "We'll be predominately focusing on such issues as the implementation of the Basel II Accords," said Chiang.

The huge potential of the mainland Chinese derivatives market was a major talking point at the International Swaps and Derivatives Association's Asia-Pacific Regional Conference last Monday. One of the most significant developments is the liberalisation of firms that can trade derivatives. How-Chih Lee, director of fixed income and credit structuring at Credit Suisse First Boston in Hong Kong, said, "Following the introduction of new derivatives measures, foreign banks will be able to apply for derivatives licenses."

JPMorgan is set to join the handful of investment and commercial banks that have begun trading electricity, according to DW sister publication Power Finance & Risk. A senior JPMorgan banker said David Puth, head of foreign exchange and commodity derivatives in London, is spearheading the push. Puth did not return calls.

NationsRent, an equipment rental agency, is considering converting a recent USD225 million fixed-rate bond into a synthetic floater. John Scherer, treasurer in Fort Lauderdale, Fla., said it may enter a swap as a means of obtaining better yield from the debt. The huge number of homeowners refinancing their mortgages has caused mortgage firms to enter swaps pushing out spreads and making it more advantageous for corporates to hedge bond issues (DW, 9/4).

"We have become a synthetic asset manager."--Yassine Bouhara, global head of equity derivatives at Deutsche Bank in London, commenting on the firm's joint-venture with DWS. For Complete story, click here.

SG Corporate & Investment Banking, JPMorgan and Citigroup have started to offer instruments in Europe that allow investors to punt on the volatility of a stock, the relative value of two stocks or a series of stocks against an index, without the hedging problems associated with using options.

Nick Senn, head of fixed income debt capital markets at WestLB, has joined New Smith Financial Solutions as a partner. Senn said, "I will bring more of a focus on portfolio management, risk and trading." The firm is an independent boutique specializing in risk management advisory, such as selling non-core assets. It was set up earlier this year by former Merrill Lynch professionals T.J. Lim, ex-global debt capital markets coo, Glenn Barnes, former European head of structured credit, and Kevin Krespi, ex-head of debt for the Pacific Rim (DW, 7/7). The trio worked with Senn at UBS in the mid to late 1990s.