Macquarie Bank has set up an equity derivatives desk in the Lion City to tap the growing private banking business and the domestic warrants market. Matthew Long, head of equity derivative sales, will transfer from Hong Kong next month to spearhead the effort.
Long said Macquarie wants to establish a local presence to better serve private banking clients for structured equity products and has hired three staff for the effort thus far. "It's the world's fastest-growing offshore banking center and we see that it will continue to grow," he added.
Macquarie plans to borrow from its experience in the Australian and Hong Kong warrant markets to enter the Singapore warrants market. "At the beginning of the year the exchange changed its listing rules in an effort to boost interest," said Long, adding, "[The warrants market] will develop into a more active and deeper market." Macquarie will launch its first listed warrant in the Lion City this week.
