Indosuez W.I. Carr Securities, a subsidiary of France's Crédit Agricole Indosuez, is relocating its equity derivatives trading desk to Tokyo from Hong Kong. The firm had originally planned to make the move in late summer, but has decided to up sticks in the coming weeks due to the outbreak of SARS in Hong Kong, according to a firm official.
"We've decided that Tokyo will be our regional hub," said the official, noting that this will help it gain a larger foothold in Japan as well as reduce costs. Approximately six staffers, including Paul Saubestre, managing director and Asian head of equity derivatives in Hong Kong, will relocate in the coming weeks. The Hong Kong-based regional marketing team will remain in Hong Kong. Saubestre declined comment.
Indosuez is not alone in deciding to consolidate its Asian trading operations. Barclays Capital (DW, 10/13) Goldman Sachs (DW, 10/27) and ING Financial Markets (DW, 2/3) have all merged part of their derivatives operations.
