CDC Ixis has launched an over-the-counter equity derivatives desk in New York. CDC started trading at the beginning of the month under the direction of Richard Suth, head trader, who joined from CIBC World Markets about three months ago. Suth said the desk is part of CDC's push to capture a piece of the burgeoning U.S. equity derivatives market.
The desk is manned by two traders and handles strictly over-the-counter deals for customers and inter-dealer brokers, according to Bill Toi, head of structured equities in New York. The firm has not received approval to trade listed derivatives. The plan to create the desk was spawned two years ago but the project was stalled because of delays in receiving U.S. regulatory approval. CDC got into the business as a way to use its capital strength to take advantage of the liquidity in the equity derivatives market, Toi said.
