Crédit Agricole Indosuez is setting up a credit derivatives desk in Hong Kong and has hired Loic Fery, ceo of Asia Booster, an Asia business accelerator in Hong Kong, to spearhead the effort. An official at Crédit Agricole said the desk would be up and running in a month, declining further comment. Asian credit derivatives are traded out of the Paris office at the moment. Prior to joining Asia Booster, Fery was v.p. and head of credit derivatives at Société Générale in Hong Kong (DW, 9/27/99). Fery, who is expected to start in the coming weeks, was traveling and could not be reached for comment. "We're taking a global approach," said Jean-Michel Beacco, head of credit in Paris. Beacco declined further comment.
One credit derivatives trader in Hong Kong said that with the right resources Credit Agricole could become a competitive player in Asia. He continued that Fery was well known in the credit market and is considered one of the pioneers in Asian trading as he was in the market when it first started.
