UFJ Bank, one of Japan's largest banks with over JPY76.1 trillion (USD860.7 billion) in assets, is gearing up to expand its credit derivatives trading desk in the coming months. "UFJ Bank is focusing on its trading section," said Hiroyuki Yoshizawa, head of credit derivatives trading in Tokyo, noting that the bank is looking to position itself for an expected increase in credit trading as the market continues to mature.
Yoshizawa is looking to hire two-to-three traders in the coming months. He continued that the additional staff will likely be internal transfers. Yoshizawa said the firm is also looking to expand its credit structuring operation but he declined to elaborate. UFJ has been eyeing launching its first synthetic collateralized debt obligation in Japan since last year (DW, 2/18) and Yoshizawa noted that he hopes to issue such products in the coming months once credit spreads in Japan widen to attractive levels.
