Ted Tsao, director, equity derivatives marketing at Merrill Lynch in New York, has joined Salomon Smith Barney in the new position of director, head of U.S. non-dollar denominated equity derivatives sales. He reports to Charlie Miles, managing director, U.S. derivatives sales in New York. Tsao is responsible for marketing non-dollar denominated equity derivatives from around the globe to clients in the U.S., said Miles.
Salomon Smith Barney has not had a dedicated team for marketing non-dollar denominated equity derivatives before, said Miles. He declined comment on the reason for creating the group, but a market official familiar with Tsao noted that he has experience in both up markets and down markets, and speculated that this made him an attractive candidate when equity markets in the U.S. are tempestuous.
Tsao will focus mainly on over-the-counter derivatives, but will also market some listed products. The non-U.S. dollar equity derivatives marketing team will initially consist of Tsao and another marketer, along with research support.
