Goldman Sachs is planning to transfer its Asian equity derivatives trading books, excluding those focused on Hong Kong, to its Tokyo hub, according to market officials. The plans are said to be linked with the derivatives giant's move to a larger office in Tokyo earlier this year. The firm centralized its fixed income, currency and commodities trading out of Japan in late 2002 (DW, 10/28/02). Edward Naylor, spokesman at Goldman, declined comment.
Goldman is a major player in the Asian markets and probably has around five traders who would be relocated to Japan. "They've got massive prop books and it undoubtedly makes sense to manage risk under one roof," said one official. Mark Agne, managing director and head of equity derivatives in Tokyo, who is said to be looking over the restructuring effort, did not respond to messages. The regional sales and Hong Kong trading teams will remain there, but the books for other markets, such as Korea and Taiwan, will be transferred along with traders. For example, Mike Mabardy, Korean equity volatility trader in Hong Kong, is in the process of relocating to Tokyo.
