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Merrill Lynch has reorganized its structured equity derivatives sales group to give it a client focus rather than a regional focus. The firm is making the move now because there be increasing demand from institutional clients for structured equity products and these clients demand that the sales force be familiar with the structure of their firm, said an individual familiar with the firm.

"We may be able to trade barriers and digital options as part of our pension funds. I'm looking forward to that."--Bernd Broker, head of foreign exchange for Europe at Bear Stearns in London, on his predictions for the direction of the fx options market over the next decade. For complete story, click here.

MMC Enterprise Risk is structuring a range of derivatives designed to protect companies' balance sheets from potential fines or loss of business from CO2 emissions regulation. Partho Ghosh, senior v.p. in new products in New York, speaking at the 2nd Annual GreenTrading Summit in New York, said MMC is developing insurance type products using over-the-counter derivatives including swaps, forwards, calls, puts and collars.

News Cuttings

The European Securitization Forum plans to estimate the size of the synthetic collateralized debt obligation market. Fitch Ratings, Moody's Investors Service and Standard & Poor's are supplying data for both private and publicly rated deals to give the synthetic CDO sector more transparency, said Simon Collingridge, director in structured finance ratings at S&P in London.

Almost 500 derivatives professionals met at Tokyo's Four Seasons Hotel for the International Swaps and Derivatives Association's annual general meeting. Hong Kong reporter Matt Tremblay reports.

Conference speakers highlighted the importance of non-Japan Asia, and especially China, for future increases in derivatives volumes. "This is the most exciting market in terms of growth potential," said Michele Faissola, managing director and global head of over-the-counter derivatives for global markets at Deutsche Bank in London.

Bill Kelly, managing director and head of interest rate volatility trading at Citigroup Global Markets in New York, has left the firm after approximately 18 years.

Taiwan's Securities And Futures Commission is preparing to launch the onshore equity-linked note market this summer in a step to liberalize the market. "This will happen in June or July," according to an official at the SFC. The SFC had initially planned to launch the products by April (DW, 11/24) but market officials said it had been slowed by issues surrounding the settlement of derivatives as well as negotiations between regulating bodies. The government will likely first permit local houses to offer the products then further open it to foreign players. The official at the SFC declined further comment.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.