Singapore's OCBC Bank is preparing to launch a credit derivatives trading desk. "This should be up and running before the end of the year," said a treasury official at the firm. In recent months the firm has built up a credit trading unit focusing on cash instruments, but will next push into credit-default swap trading. It could not be determined if the desk will be built up with external hires. Samuel Lin, head of financial derivatives at OCBC in the Lion City, could not be reached.
The move is seen as part of OCBC's push into derivatives to take on higher-margin products. For instance, last year the firm focused on expanding its interest-rate trading operation (DW, 2/11/05).
