Royal Bank of Scotland is setting up an equity derivatives desk for the Japanese market and has reportedly reeled in a team from BNP Paribas to kick off the operation. Three marketers including Yoshio Asakawa, head of equity derivatives marketing at BNP in Tokyo, along with a handful of back office staff, are expected to join within weeks. Asakawa could not be reached, but officials at BNP confirmed the departure. Philippe Avril, branch manager at RBS in Tokyo, said it was too early to comment on potential hires.
"We're looking at establishing a presence here," said Avril. "Conditions are as good as they can be." Avril joined early last year from Commerzbank in Frankfurt, following a 14-year stint in Tokyo (DW, 1/28/05)--he is also the author of a book entitled Japanese Equity Derivatives. The move follows a major push last year in fixed income, for which the firm made a raft of senior hires in Tokyo and Hong Kong (DW, 4/29).
Yann Mizuka, head of equity and derivatives for Asia-Pacific at BNP in Tokyo, did not return messages by press time.
