Calyon is revamping its equity derivatives operation in Asia following a wave of senior departures from the group. Jean-Paul Brasier, Asian head of equity derivatives, has stepped down to take a sabbatical, according to officials close to the firm, and the last few months have seen a slew of departures to rival houses. Jacques Beyssade, head of capital markets for Asia at Calyon in Hong Kong, declined all comment.
Calyon officials said five or so equity derivative specialists will be transferring from Paris, including a replacement for Brasier, in the coming weeks to revamp its trading desk. Names of the traders could not be ascertained by press time. The firm is expected to boost its flow trading capabilities in the region, which market officials said has been a weak point for the house in Asia.
Flow trading can be a cash cow as it can allow firms to tap into growing hedge fund activity in the region. Rival houses such as SG Corporate & Investment Banking have already set up dedicated sales units (DW, 11/11). Calyon watchers noted the majority of equity derivative revenue at the house stemmed from structured investment products, which is a highly competitive business in the region and margins are stretched tight.
Brasier's departure follows senior sales and trading departures such as Arnaud Droitcourt, head of Asia ex-Japan equity derivatives trading at Calyon (DW, 5/19) and Julien Bahurel, director in equity derivative sales (DW, 5/22). It could not be determined by press time if Brasier's departure was connected to the reorganization and he could not be reached for comment.
