After receiving approval from the State Council, the China Development Bank and the China Construction Bank formally launched its pilot securitization of credit assets program last week. A coordinating task force, led by the People's Bank of China, jointed by the National Development and Reform Commission, the Ministry of Finance, the Ministry of Labor and Social Security, the Ministry of Construction, the State Administration of Taxation, the Legislative Affairs Office of State Council, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the Insurance Regulatory Commission, convened the first force meeting in Beijing to discuss the rules of procedure, missions and arrangements for the coordinating task force.

Mesirow Financial hired Gregory Jayson to start a new Los Angeles-based CMO sales and trading office. Jayson, who had worked as a CMO trader at United Capital Markets for four years, has the title of vice president, reporting to Dave Zwick. Mesirow will look to add more staffers to the L.A. office in the coming months.

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