Mizuho Bank has hired Yannis Matsis, managing director and global head of credit derivatives at ING in London, to set up a credit derivatives desk for clients. The firm will offer all forms of credit derivatives, including default swaps, credit-linked notes and first-to-default baskets, according to an official familiar with the plans. Matsis will report to Marc Petrocochino, head of trading in London, both of which declined comment.
The bank has purchased and sold credit protection for its own book for the last several years, building up a track record, which is part of the reason it wants to offer the service to clients, according to a firm official. In addition, Mizuho is starting to get more enquiries from clients, noted the official.
Rival credit dealers said Mizuho is late in entering a crowded market and will find it hard to establish itself. They pointed out, however, that it stands a better chance than most late entrants as it can leverage its Japanese clients and expertise.
At ING, Matsis reported to Lau Veldink, global head of trading and sales for investment-grade fixed-income products.
