HVB Capital, the Tokyo-based securities arm of Germany's HypoVereinsbank, is preparing to apply to the Japanese Financial Services Agency for a license to trade credit derivatives on its proprietary desk. "We're looking to get a license," said Manabu Nagano, director of credit derivatives trading in Tokyo. Currently, HypoVereinsbank trades Japanese and Asian credit derivatives out of Singapore, while its prop desk focuses on cash bonds, said Nagano.
However, HypoVereinsbank has already marketed yen-denominated synthetic collateralized debt obligations in Japan this year (DW, 1/6), along with the non-Japan Asian market. The firm is likely to start trading before year-end.
