Stephen MacLennan, head of interest-rate derivatives trading at Standard Chartered Bank in Hong Kong, recently resigned in the midst of a reorganization of its interest-rate derivatives desk. Reasons for the departure could not be determined by press time. Mike Bass, head of interest-rate derivatives in Singapore and to whom MacLennan reported, declined all comment on MacLennan. MacLennan could not be reached.
Bass has been overseeing an aggressive push to revamp the interest-rate derivatives group since joining from HypoVereinsbank earlier this year. As part of the ongoing reorganization the firm hired Dennis Wong, head of interest-rate derivatives and value trading at the Royal Bank of Scotland Financial Markets in Hong Kong in August, according to Bass. It has placed Wong in a new role as regional head of interest-rate derivatives for Northeast Asia to strengthen the bank's regional management structure. Wong will incorporate MacLennan's Hong Kong trading responsibilities into the regional role, Bass continued. Wong declined comment. "There's a new broom being swept around there," said a headhunter, remarking on Bass' reorganization effort.
At RBS Wong reported to Lawrence Lam, managing director and head of financial markets for Greater China and Korea, based in Hong Kong. Lam said that Wong's duties will be handled by Alastair Sinclair, senior interest rate trader, who joined earlier this year from Bank of America in Tokyo. Sinclair declined comment.
