BNP Paribas is bulking up its credit derivatives desk in Tokyo, as it looks to hire two senior credit derivative traders as well as bring aboard junior staff. "We've got too much business with too few people," explained Stephane Delacote, head of credit derivatives in Tokyo, commenting on the seven-strong desk which reports to him. Delacote plans to bring the new recruits aboard within the next two months.
Delacote added that BNP also expects business to grow as the credit derivatives market in Japan grows, fueled by a weak equity market and a bond market hit by Enron's bankruptcy.
