The Royal Bank of Scotland has hired Trevor Vail, credit derivatives trader at ING Financial Markets in Hong Kong, as Asian head of credit trading to set up a trading desk in Tokyo. The firm already trades Japanese credit derivatives out of London, but is now establishing a local desk, according to Pierre Ferland, branch manager and treasurer in Tokyo.
Ferland has been spearheading the effort which began last year to establish a credit derivatives desk in Tokyo (DW, 5/26) and earlier this year hired Brett Clancy, credit derivatives structurer at Nomura Securities in Tokyo, as Asian head of credit structuring. The firm will also need to hire sales specialists, according to Ferland. "We'll be focusing our effort on sales."
"Credit trading is an area RBS has been growing aggressively and we're now following suite in Tokyo," explained Ferland. He expects the credit derivatives trading desk to be up and running in the coming months. Vail could not be reached.
At ING, Vail reported to Mark Newman, head of financial markets in Hong Kong. Newman did not return calls.
