Enron has established a credit derivatives operation in Tokyo to manage internal exposures and to offer credit risk management to its customers. To staff the effortJean-Sebastien Fontaine, analyst, has transferred from Enron's London office and the company has hired Michael Gordon, a credit derivatives trader at Rabobank in Tokyo. Fontaine and Gordon declined comment.
"Now we found a need to put our credit team there as well, to improve our pricing capabilities and our ability to transfer...credit risk," Bryan Seyfried, global co-head of Enron Credit in London, said, via an e-mailed statement.
A spokeswoman at Enron added that the company has already bought and sold protection on Asian and non-Asian names. She declined further comment, noting that Enron has only just started credit operations in Tokyo.
The Houston-based company has been actively pushing its credit derivatives business to corporates, pitching itself as a non-bank player that understands their needs.
