Adrian Hyde, former managing director and co-head of credit derivatives trading at Chase Securities, has taken the new position of managing director, credit derivatives trading at TD Securities (USA) in New York. He has been brought on board mainly to expand the existing high-yield credit derivatives business at TD, according to an official at TD in New York. The group aims to leverage off TD's high-yield bond and leveraged loan platform, he added. Hyde declined to comment.
Market officials noted that Hyde has worked at some of the biggest players in credit derivatives in the U.S., including Deutsche Bank and J.P. Morgan, and has extensive experience in the area, which is unusual because credit derivatives are a relatively new product. Nabbing Hyde was an excellent hire for TD, said one trader in New York.
The high yield single-name credit default swap market is still nascent in the U.S. TD has done extensive work in synthetic collateralized debt obligations, credit linked notes, and credit default swaps in this slice of the credit spectrum, although competing dealers noted that the group has not historically been a liquidity provider on the Street for single-name high-yield credit default swaps. One of Hyde's responsibilities will be to increase this business, according to the official at TD.
Hyde stepped down from J.P. Morgan Chase earlier this year. Following the merger between J.P. Morgan and Chase Manhattan, most of Chase's credit derivatives trading was subsumed by J.P. Morgan's effort. Although Hyde was offered a spot in the merged entity, he said at the time that he elected to step down because he preferred to work in a startup environment (DW, 2/18). TD is hardly a recent entrant to the credit derivatives market in the U.S., noted market officials, but it does not have as large a franchise as J.P. Morgan.
