Fortis Bank Hong Kong is considering establishing a credit derivatives desk in Hong Kong as part of its bulk up in fixed income. "We may start using this as a trading tool by the end of next year," said Philippe Dirckx, head of fixed income in Hong Kong.
The firm structures credit derivatives-linked products in Hong Kong, but executes all the trades in Europe. The growth of the Asian credit derivatives arena means it makes sense to have a trader in the region.
Fortis is also hiring an additional structurer, bond trader and interest rate derivatives trader for the fixed income desk. "We're now conducting interviews and hope to have this year's hiring finalized by the end of summer," said Dirckx. The new hires will bring the team to around 15, with Dirckx planning to expand that to 20 by year end.