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Derivatives

Lehman Transfers New York Trader To Tokyo

Lehman Brothers has transferred Satu Parikh, interest-rate options trader in New York, to Tokyo as its Asian head of interest-rate derivatives, in a position that was set up to allow the firm to expand its derivatives desk. Parikh reports to Koji Tsubouchi, managing director of fixed-income in Tokyo. Tsubouchi said Parikh joined three weeks ago. Parikh declined comment.

The government bond desk and derivatives desks merged last year and Tsubouchi was given responsibility over both desks. He was previously the head of the derivatives group and Tarun Jotwani was promoted to head of fixed-income in Tokyo, according to Tsubouchi. The derivatives group ultimately reports to Jotwani.

Lehman brought in Parikh to expand the derivatives team to place a greater emphasis on structured interest-rate products, which are proving popular in Japan's low interest-rate environment, according to an official at the firm. He added, that Lehman does not plan additional hires for the desk.

Parikh reported to Jeff Michaels, head of interest-rate options trading in New York. There are no plans to replace Parikh as his duties are being handled by the remaining trading staff, according to a trader in the group.

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