OCBC Bank is preparing to establish a credit derivatives operation as well as build up its equity derivatives desk. "In the last few years we've been changing from a quiet local bank to an active player in the derivatives market," said Yap Tsok Kee, v.p. in the group treasury. The firm has been eyeing a credit derivatives operation since last year (DW, 6/13), but has first focused its efforts on becoming a top house in Singapore-dollar denominated rate derivatives.
Yap noted the firm will look to have traders and structurers in place by mid-year to kick-start its effort. "It's really the missing link for us," he added, noting the firm has established other derivative desks, including equity derivatives, in recent years.
