Merrill Lynch is readying a proprietary trading desk in Tokyo and has recently brought over two Royal Bank of Scotland veterans to launch the effort. Allan Bedwick, head of proprietary trading and William Mackenzie, proprietary trader, both at RBS in Tokyo, have joined Merrill to establish the effort. Bedwick confirmed the move but declined further comment. Firm officials said the new team will focus on yen foreign exchange and interest rate derivatives trading.
The move is seen as part of an ongoing push in the region spearheaded by Osman Semerci, head of Pacific Rim global markets in Tokyo. Semerci, who assumed responsibility for both equity and debt markets last year (DW, 9/15), has expanded Merrill's presence in Asia with several hires, notably including Joonkee Hong, former global head of emerging market derivatives at UBS (DW, 3/28), and Stanley Zau, former head of Asian emerging markets at Crédit Agricole Indosuez, who recently joined as head of Pacific Rim local currency trading in Tokyo. Semerci declined comment.
A market official said Bedwick had built up a reputation as a successful trader in Japan, having worked at RBS for nearly a decade in Tokyo. Pierre Ferland, branch manager and treasurer at Royal Bank of Scotland in Tokyo, did not respond to messages.
