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Derivatives

BNP I-Rate Head Quits

Monty Agarwal, Asian head of interest rate derivatives trading at BNP Paribas in Singapore, has resigned. Reasons for his departure could not be determined by press time but officials at the firm said T.S. Cheah, managing director and Asian head of derivatives and structured products in Hong Kong, has assumed responsibilities for the desk. Cheah did not return messages. Agarwal reported to Frédéric Janbon, senior managing director and global head of interest rates in London. Janbon declined all comment.

"There's not that many of us down here so of course he's well-considered in the market," said an interest rate head at a rival firm in Singapore. Agarwal could not be reached. Argawal brought in three additional traders for its interest rate desk in Singapore to expand the business earlier this year (DW, 4/28).

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