Macquarie Bank, has hired Martin Lalor, a credit structurer in the financial markets group at the Commonwealth Bank of Australia in Sydney, in a similar role. Lalor will join Macquarie in a new position next month, reporting to Gary Vassallo, head of derivatives risk in Sydney. "We see opportunities for growth in this part of the business," said Vassallo, adding that with the expansion of the Australian credit derivatives market, it was looking for a dedicated structurer to handle the product range. Macquarie's interest-rate structuring team currently covers credit derivatives. Lalor could not be reached for comment.
More clients have been reconsidering their credit risks and looking to hedge credit exposure over the last few months because of the economic downturn in Australia, Vassallo continued.
An official at CBA said Lalor reported to Martin Halloran, head of credit trading in Sydney. Halloran declined comment.
