Caruana to end stint as Basel Committee chairman

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Jaime Caruana will step down as chairman of the Basel Committee on Banking Supervision in July, when his six-year tenure as head of the Spanish central bank expires. A Bank for International Settlements (BIS) official says the Committee plans to discuss Caruana's replacement at its next scheduled meeting in March.

Since Caruana was appointed chairman in May 2003, the Basel Committee has drawn up some of the most sweeping regulations in its history, including the finishing of the new Basel II capital Accord, which will govern the measurement of risk within banks and dictate how much regulatory capital they have to hold.

Spain's prime minister, José Luis Rodríguez Zapatero, is expected to name Caruana's replacement at the Bank of Spain in the coming weeks. Among the front-runners are Zapatero's economics adviser, Miguel Sebastián, the director-general of the Treasury, Soledad Núñez, and a member of the Bank of Spain's governing council, Julio Segura Sánchez.

Meanwhile, the BIS has elected Jean-Pierre Roth as its new chairman for a period of three years commencing March 1. Roth, who is also chairman of the governing board of the Swiss National Bank, will take over from Nout Wellink, who has held the position since March 2002. Wellink is leaving the BIS after completing a series of changes to BIS statutes regarding its governance and transparency. Wellink will continue in his role as president of the Netherlands Bank.

• Deutsche Bank's former global head of forex prime brokerage, Andrew Coyne, has joined Citigroup to run its global foreign exchange prime brokerage operation in London. The position of global head of forex prime brokerage is new for Citigroup. A bank official says the firm wants to bring its foreign exchange offering up to the standard of its other prime brokerage divisions by implementing technological and product developments. Citigroup's prime brokerage businesses comprise equities, foreign exchange and fixed income. Coyne, who will also be a managing director, will report to Bill Hartnett, global head of forex e-commerce at the bank's London offices. Jason Shell, the former head of North America currency sales and trading at Deutsche Bank, was appointed to replace Coyne last October after his departure from the German bank.

• Linklaters in Hong Kong has hired Chin-Chong Liew from Allen & Overy to head its Asian derivatives business. Liew was a partner at Allen & Overy for five years, where he worked in the firm's derivatives practice. He will head Linklaters' derivatives and structured products practice in Asia, based in Hong Kong.

Andrew Kellner, global head of foreign exchange and commodities at Calyon in London, has left the bank. Sources close to the French firm say it is looking for an external replacement. Calyon has been scaling down its commodities team over the past few months, passing on most of the work from its commodities desk to Fortis Bank, according to one insider. Calyon would not comment on whether Kellner's departure was linked to the change in strategy.

• Calyon has appointed Steve Sahara as global head of hybrid capital structuring, based in London. Sahara joins Calyon from ABN Amro, where he was a senior manager in hybrid capital. He will report to Jean-Marc Blankert, global head of origination at Calyon. The appointment of Sahara follows the setting up of a hybrid team in London at the end of last year, headed by non-euro exotics head Stephane Amsellem.

• The Tokyo Stock Exchange (TSE) has hired Yoshinori Suzuki as its chief information officer, a newly created position. One of Suzuki's most pressing tasks is to oversee the upgrade of the exchange's trading technology, which has recently creaked under the strain of heavy trading activity and failed to guard against large erroneous trades. Prior to the appointment of Suzuki, the TSE had several departments that were responsible for the three major, independently developed, systems: trading, information and clearing.

• BNP Paribas has hired seven ex-Refco employees to build its worldwide presence in the soft futures market, and the Paris-based bank has also become a member of the New York Board of Trade. Jeff Bauml will lead the team as a New York-based managing director. Bauml previously worked for 15 years at Refco, and prior to that was president of Phibro Latin America. Other appointees include London-based Jeremy Caldwell and Paul Bannister; New York-based Diana Brin, Chris Cody and Jason Spaziante; and São Paulo-based Augusto Duva. All six will join as traders and report to Bauml. "This new initiative will allow us to continue to expand our range of risk management and investment products from energy and metals to the agriculturals market," says Jean-Marc Bonnefous, London-based global head of commodity derivatives, adding that the firm will focus on structured commodity basket and index products.

• BNP Paribas has also made three appointments in sales and trading across Europe. Canio Telesca joins the bank's Zurich office from ABN Amro, augmenting an existing team under Laurent Soubirou marketing forex risk management transactions to Swiss corporates. At ABN, he worked in a similar role. Elsewhere, BNP has strengthened its presence in Russia, with Wladimir Varunin joining the Moscow office as head of deliverable and non-deliverable rouble forex trading. Varunin joins from Deutsche Bank in Moscow, and reports to the head of fixed income and treasury, Roman Serov. Varunin will help further develop the risk management platform for BNP Paribas in emerging market currencies, and will support the marketing of rouble-based products to the bank's global institutional and corporate client base.

The bank has also hired Michal Jochynek as a junior foreign exchange marketer in Warsaw. He joins from oil giant Shell, also in Warsaw, and reports locally to BNP's forex desk head, Warsaw, Tomasz Gasienica.

• Dresdner Kleinwort Wasserstein (DrKW) plans to further separate its credit flow products and digital markets divisions as part of what it calls an effort to expand electronic trading across its business.

Sean Park, who had headed both divisions after the creation of the digital markets business in September last year, will now concentrate solely on four components: electronic trading, capital, sales, and listed products and prime brokerage. Henry Nevstad, global head of structured notes and private placements at DrKW since 2003, will now take over as head of credit flow products, a position that oversees the bank's high-volume electronic derivatives and bond activities. Martin Gipp, who was previously director of the medium-term note desk, will replace Nevstad as global head of structured notes and private placements.

• Swiss Re has hired Brian O'Hearne as a managing director of North American environment and commodity markets within its capital management and advisory arm in New York. O'Hearne, who is also president of the Weather Risk Management Association, joins the reinsurer from GuaranteedWeather, a Kansas-based weather risk management specialist. He was previously GuaranteedWeather's chief executive and president.

O'Hearne will focus on weather and commodity trading at the Zurich-based company. In his new role, he will report to Juerg Trueb, global head of environmental and commodity markets, and Dan Ozizmir, group head of asset-backed securities, insurance-linked securities, and environmental and commodity markets.

• The Chicago Mercantile Exchange (CME) has named John Davidson as chief corporate development officer. Davidson was previously operations officer and managing director at Morgan Stanley's global operations and services division. He will report to the CME's chief executive, Craig Donohue, from February 6. The CME has also promoted its co-heads of corporate development, Ann Shuman and Kendal Vroman, to managing directors. Both will report to Davidson, as will product development head John Labuszewski.

• Standard Chartered has hired Fu Qing from ABN Amro to head its foreign exchange trading business in Shanghai. Fu, who started at Standard Chartered on January 4, had previously worked for ABN Amro in Shanghai, where he was assistant vice-president of forex trading, reporting to Kenneth Poon, head of foreign exchange markets. The new appointment was made to support Standard Chartered's growing renminbi business. The People's Bank of China opened the country's spot foreign exchange market to over-the-counter trades on January 4, and Standard Chartered is among 13 market-makers designated to provide liquidity for the renminbi.

• The Depository Trust & Clearing Corporation (DTCC), a US information and clearance specialist, has hired Bill Stenning from SunGard as vice-president for business development. Stenning will be based in London, and will be working to expand the DTCC's over-the-counter derivatives business in Europe. He was previously managing director of trading and risk systems at SunGard, where he focused on back-office systems. At the DTCC, he will be involved in expanding the company's automated trade-processing systems to support its European expansion. He will report to head of business development Peter Axilrod.

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