BNP Paribas is retooling its Asian credit derivatives operation and has made several transfers in an effort to boost its option trading presence. Patrick Meyrieux, head of credit derivatives option trading for Asia and Japan, has transferred from Tokyo to Hong Kong to build up the emerging regional credit options effort. "We see a lot of opportunities around credit option trading this year and it made sense to place Patrick closer to the underlying Asian market where activity picked up last year," said Emmanuel Ramambason, Asian head of credit derivatives in Tokyo. He added that for instance option plays around existing default swap positions should prove popular in the current tight-spread environment.
Ramambason said Philip Ghosn, credit flow trader in Tokyo, is assuming Meyrieux's responsibilities for option trading and arbitrage for Japan, while Philip Rossiter, credit flow trader, now handles Ghosn's trading book. Additionally, David Verschoor, credit derivatives structurer in Tokyo, has transferred to the credit flow trading team in Hong Kong to concentrate on the Australian market.
Last year BNP established a credit derivatives options business out of London, spearheaded by former Asian credit head Stephane Delacote (DW, 2/29).
