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It seems that it’s not easy to fill the role of global head of the institutional client group at Deutsche Bank. Well-informed sources say that Osman Semerci, former global head of fixed income at Merrill Lynch, came close to getting the job, but that he was vetoed at the last moment. Then just two weeks ago, word came from Deutsche that Richard D’Albert was moving from his role as global head of securitisation to replace the well-liked and respected Jim Turley, who is heading off on a sabbatical.

There is talk of a time bomb in the options market.

It’s been widely predicted that although 2007 was a bumper year for most FX players, the problems caused by the so-called clever Trevors in other markets could lead to a vigorous shakeout of staff.

Following a pilot trial, Icap will list non-deliverable forwards (NDFs) on seven Asian currencies and the Russian rouble on its EBS platform from Monday (March 3).

Morgan Stanley has structured a capital-protected note around a PowerShares Capital Management exchange traded fund that references a novel water index. The PowerShares Water Resources Portfolio, with over USD2 billion under management, reflects the returns on an index made up of water-related companies.

After years of expanding its exchange-traded fund line, the firm believes the future of ETF growth will come from explaining how ETFs can fit in portfolios

Claymore Securities has filed for an exchange-traded fund that will track companies connected to the solar power industry. The Claymore/Mac Global Solar Energy Index ETF will be the firm’s fourth sector ETF and the first Claymore ETF linked to an index from MAC Indexing.

Richard Moore has decided to leave his role as regional head of EMEA, fixed income at Citi. In an internal memo sent to staff this afternoon, the bank says, “After 22 years of service at Citi, Richard Moore has decided to leave the firm to pursue a set of interests outside of banking. His management of Foreign Exchange (FX) and Global Rates and Currencies played a large part in the success of those businesses. He will work through March to facilitate an orderly handover and we anticipate announcing his replacement in the near future.”

Stephen Nelson, CEO of BAA, is resigning from his role, which is said to be a reaction to widespread complaints over UK airports. His replacement is Colin Mathews, the former CEO of Severn Trent. But in addition to trying to turnaround the UK’s infrastructure company he faces continued uncertainty over the financing put in place by Ferrovial. Read Euromoney’s groundbreaking report, published a year ago, which first exposed the huge problems that the refinancing faced.

Directors of actively-managed exchange traded funds will be required to combine the talents of a regular ETF director and mutual fund director. The Securities and Exchange Commission issued orders last month for the funds to launch and it has already approved applications for actively managed ETFs from Bear Stearns Asset Management, PowerShares Capital Management, Barclays Global Investors and WisdomTree Investments.

Russell Investments is set to launch global style equity indexes to reflect key growth and value segments of the Russell Global Index.

If you thought that banks had already recuperated off-balance sheet vehicles, think again. Variable Interest Entities, an Enron device, have yet to play out with the downgrading of monolines.