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Derivatives

Lyonnais Boosts Nascent Credit Desk

Credit Lyonnais is expanding its recently launched credit derivatives operation in Japan, according to Edward Willems, head of distribution and Japan head of credit derivatives in Tokyo, who is spearheading the effort.

Credit Lyonnais is expanding its recently launched credit derivatives operation in Japan, according to Edward Willems, head of distribution and Japan head of credit derivatives in Tokyo, who is spearheading the effort. Last week the bank brought aboard Yoichi Oyamada, a structurer in the principal finance group at Westdeutsche Landesbank in Tokyo, in a new role as a senior structurer and trader, and also transferred Alexis Grzanka, a marketer in the global investor sales group in Tokyo, to the credit group as a structurer.

"We see this team organized as a production unit," said Willems, noting that the group will handle trading and structuring for credit derivatives products. Lyonnais kick-started the effort last month with the hiring of Adam Durran from Barclays Capital Japan (DW, 6/9).

At WestLB, Oyamada reported to Hiroshi Fukuzawa, head of credit derivatives in Tokyo. Fukuzawa said the existing team will handle Oyamada's responsibilities and that it will not look for an immediate replacement, but declined further comment.

 

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