Shinichi Minohara, managing director and head of Japanese credit derivatives at Merrill Lynch in Tokyo, has resigned in a move that rival traders described as a big loss for Merrill. "He's one of the top Japanese credit derivatives traders in the market," according to one rival. Peter Walshe, head of credit trading for the Pacific Rim, said, "He had been at the firm for eight years and has made major contributions for derivatives." Minohara has worked in credit, interest-rate and foreign exchange derivatives.
Minohara said he is leaving because he wants to watch the soccer World Cup, which is being held in Japan and Korea this summer. "Japan doesn't have a final 22 players yet," he joked, hinting that he wouldn't turn down an invitation to play for his country. However, he may become a teacher rather than return to the industry but has not finalized his career plans.
Richard Cohen, head of non-Japan Asia, will assume Minohara's responsibilities and the firm will promote an internal staffer as a credit derivatives trader for non-Japan Asia. The trader will report jointly to Cohen and Ronnie Roy, head on non-Japan Asia credit trading.
