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Derivatives

Barclays To Set Up Asia Credit Desk

Barclays Capital Singapore is setting up a credit derivatives operation in the Lion City and will start trading from the new desk next month. The firm has traded Asian credit derivatives out of its Tokyo office but is bringing aboard Bill Xie, credit derivatives trader at BNP Paribas in Hong Kong, to spearhead the effort. Xie will hire more traders when he starts, according to an official. Xie could not be reached for comment.

The move was accelerated by the defection of Adam Durran, Asian credit derivatives trader in Tokyo, to Credit Lyonnais last month (DW, 6/15). Barclays has continued to market products such as credit-linked notes and hybrid notes from Tokyo, but trading has been handled out of London, according to officials.

Xie will report locally to Romeo Uyan, non-Japan Asia head of credit trading in Singapore, and on a product basis to Vincent Balducci, managing director of risk finance in New York. Uyan declined comment and Balducci did not return calls.

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