Tokyo-based members of theInternational Swaps and Derivatives Association have started initial discussions about establishing a non-Japan Asia credit committee. "Some members are showing a lot of interest for such a forum," said Tomoko Morita, assistant director of policy at ISDA in Tokyo. The issue was brought up on Monday and warrants further discussion, she noted. Dealers said the foreign firms, notably JPMorgan and Merrill Lynch, displayed interest in setting up a committee. Officials at the firms declined comment. Morita continued that ISDA will circulate a memo in the next week about how to proceed with establishing such a committee. "We'll first involve the dealers and then later speak with end-users," she added.
"It's a function of the Japanese market getting its act together and getting issues hammered out," said one credit head, noting that as the credit committee has become more orderly, it now has more leeway to look at other issues such as those relating to non-Japan Asia. The credit head predicted the forum would be set up in the coming months.
