An interbank market on Japanese equity-default swaps has emerged in recent weeks kick-started by growing interest in the nascent instruments as well as demand for securitizations referenced to the products. "There's already been several trades," said Clarke Pitts, head of equity derivatives at JPMorgan in Tokyo. He noted that the firm recently began making markets in around 30 Japanese names. "They're ahead of the curve," said a credit trader at a rival firm in Tokyo, noting that while other houses have traded EDS, JPMorgan is the only firm actively quoting two-way prices. Pitts attributed the development to the pickup for such products as collateralized equity obligations.