Commerzbank Securities is in the process of winding down its Japanese fixed income and equity derivatives trading books as the operation prepares to close in Tokyo. "We're targeting mid-year as a closing date," confirmed Robert Windsor, general manager in Tokyo.
The offshore books for non-domestic markets will be shifted to other centers. The closure will affect 85 staff, but Windsor declined comment on their fate. The German firm's asset management arm and banking branch in Tokyo will remain intact.
Market officials in Japan said Commerz, which primarily focuses on prop trading, was hit by cost cuts limiting trading lines, passed down from the head office.
