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Société Générale has hired Steve Munday, a senior credit trader at Nomura, as a director in high-yield credit trading based in London.
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A draft bill circulated by the New York Assembly insurance committee that would have banned naked credit default swaps (DW, 3/22) will have to be scrapped since the U.S. Dodd-Frank Act expressly prohibits states from regulating swaps as insurance.
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As the Securities and Exchange Commission proceeds with its review of fund’s usage of derivatives, it has urged funds to take a fresh look at derivatives-related disclosures.
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Corporates could be impacted by rules being considered in Europe that would restrict short selling across all financial instruments, according to Rolls-Royce.
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BNP Paribas has hired Pinank Modi as a v.p in index options trading based in the firm’s New York office.
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Markit is looking at creating an index of implied volatility for credit indices—the first of its kind as credit indices have focused only on realized vol to date.
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The specter of corporates defaulting on their derivative trades is being raised as lawmaker efforts to grant margin exemptions to the Dodd-Frank Act appear to have lost steam.
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Hedge funds are unwinding their long positions on BP’s credit default swaps to take profits as a raft of positive developments have buoyed the oil company.
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Increased market confidence following the results of the European bank stress tests have sent market players covering short credit positions.
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Conduit Capital Markets has hired Chris Macmillan, the ex-head of U.K. debt and credit market sales at Crédit Agricole Corporate and Investment Bank in London, as head of credit sales, also in London.