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Barclays Capital has hired Tim Davenport as a managing director and head of FX structuring, Americas. Davenport, who will lead the firm’s FX product development management in the Americas, will be based in New York and report to Andrew Kaufmann. Those with a puerile sense of humour will remember the late Andy Kaufman for his role in the long-running US comedy series Taxi. Fortunately this is a different Kaufman and he doesn’t report to my old mucker Louis DiPalma, who actually works at Tulletts. Still, it had to be mentioned. Davenport joins Barclays from Bear Stearns.

Bank of America has reorganised its workforce and boosted its London FX teams. Claudio Cavallari is now a sales assistant in hedge fund and institutional sales, having escaped from the bank’s global operations FX products group. He reports to Vincent Delorenzo.

Dresdner Kleinwort has announced a series of new hires in its FX business. Farielle Boufaden is joining the bank as a director in FX hedge fund sales. She will report to Richard Attrill, global head of FX and local market sales. Boufaden was previously at BNP Paribas. The bank has also finally confirmed that Greg Kaldor joined from Bank of America in May as a managing director on its FX hedge fund sales desk.

As the turbulence in forex and commodity markets continues, we review this week where the world has reached in the rebalancing process. This may help in reaching a long-term view.

We have added a navigation link to various upcoming Euromoney seminars, so you can easily see what events are coming soon. Have a look at upcoming seminars:

Morgan Stanley, JPMorgan Chase, Merrill Lynch and Goldman Sachs last week wrote a joint letter to the Securities and Exchange Commission to express concern over a proposal that would require brokers to confirm that an exchange traded fund share redemption by an institutional investor does not constitute more than 3% of the ETF's shares.

Deutsche Bank Exchange Traded Funds (db x-trackers) have raised more than €15 billion of assets in 18 months since the platforms launch in January 2007.

Structured finance documentation has been revealed as inscrutable and ambiguous.

Vodia Group has released a new report covering trading and custody in frontier markets. The report reveals that the frontier markets are up 7% over the last year, compared to -23% for developed markets and -10% for emerging markets. Africa is up 24% for the last 12 months.

The UK parliament and media do not understand structured finance. In one lawyer's words, "securitisation is being subjected to tabloid journalism."

Rising personal bankruptcy levels and an uncertain economic outlook led Euromoney to warn as early as 2006 that non-conforming and sub-prime mortgage lending may lead to disaster.

Tim Carrington has resurfaced by joining his old mucker Harry Culham at CIBC World Markets in Toronto. Carrington, who left his position as global head of FX trading at Merrill Lynch last September, becomes managing director, head of equity and commodity structured products. Carrington will also be a member of the world markets management committee.