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  • Douglas Muller, corporate derivatives marketer at Lehman Brothers, has joined Banc of America Securities as a principal in fixed income derivatives origination. Muller, who declined comment, reports to Marc Katz, managing director and head of fixed income derivatives origination for corporate and investment banking clients in Chicago, according to Jeff Hershberger, spokesman in New York. Katz referred comment to Hershberger.
  • Tim Van Housen, managing director and senior originator in structured credit at Bank One Capital Markets in Chicago, has left the firm. Reasons for Van Housen's departure could not be determined and Van Housen could not be reached for comment.
  • Barclays Capital plans to start offering retail investors inflation protected exposure to funds structured with over-the-counter derivatives. Paul Coleman, director in investor solutions in London, said the products are being developed to take advantage of low-inflation rates and investor demand for less equity exposure.
  • Citigroup recently hired S.K. Kang, structurer in Credit Suisse First Boston's emerging markets group in Seoul, for a similar position on its fixed income desk. "This further strengthens our team," said Alex Park, head of the financial markets group at Citi in Seoul.
  • Bank of America has hired Fujita Hideyuki, interest rate derivatives trader at Shinsei Bank in Tokyo, for its Japanese interest rate trading desk. Hideyuki confirmed the move, but declined further comment. He reports to Michael Thorson, head of interest rate derivatives trading in Tokyo, who did not return calls.
  • Deutsche Bank has hired Eric Bensoussan, structurer in the new product development team at Crédit Lyonnais in London, for its exotic structuring group. Bensoussan joined Deutsche Bank late last month as v.p. He reports to Onno Vriesman, global head of ESG.
  • Deutsche Bank has started pitching non-principal protected structures in the U.S. Karen Fang, v.p. in the structured products, global equities division in New York, said the move is a natural extension of the firm's principal protected activity through which it sells equity-linked notes. It started offering equity structured products in the U.S. at the beginning of the year (DW, 1/12).
  • William Gleason, corporate derivatives marketer at JPMorgan in New York, has moved to Barclays Capital to work in a similar role. Calls to Gleason and Ed Somekh, head of corporate risk management and derivatives at BarCap in New York, to whom Gleason reports, were referred to Linda Wynns, spokeswoman in New York. Wynns declined comment. Michael Dorfsman, spokesman at JPMorgan in New York, did not return calls.
  • The Bank of Japan intervened to prevent the dollar/yen breaking through the JPY116 barrier last week, causing one-month implied volatility to fall back to 7.75% from 8.8% a week ago. The Bank of Japan intervened twice in the spot market last week when the dollar/yen currency pair touched the JPY116 lows. Traders estimated it spent USD4 billion protecting the barrier. Vol dropped because traders could see that the Bank of Japan was not prepared to let the yen appreciate further.
  • Deutsche Bank is structuring a hybrid note that gives investors exposure to commodities, equities and fixed income, but not all at the same time. The firm will switch all the capital between the asset classes depending on which is the best performing, according to Geert Bossuyt, head of internal sales for global equity derivatives in London.
  • "CDOs are horrendously lacking in price transparency."--Nick Horsfall, a specialist in asset allocation for bond related products at Watson Wyatt in London, commenting on the reasons why more U.K. pension funds do not invest in CDOs. For complete story, click here.
  • Five-year credit protection on The Dow Chemical Co. blew out 15 basis points last week following a downgrade of its subsidiary Union Carbide. Credit-default swaps in Dow traded at 85bps last Wednesday, compared with around 70bps the previous week. Protection on Union Carbide, meanwhile, fattened to 600bps from 350bps over the same period, according to a trader.