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BNP Plans Asia Credit Bulk Up

12 Oct 2003

BNP Paribas plans to hire three credit derivatives traders and a structurer as part of an expansion of its credit derivatives operation in Asia. Although overall volumes in credit derivatives are down Stephane Delacote, Asian head of credit trading in Tokyo, sees more demand for index-related products and this is the impetus for the hiring. "I'm confident that there will be more and more trading. The trend is for more transparency and more commoditized products, which will bring greater volumes," explained Delacote.

One of the traders will sit in Hong Kong and the other two will be based in Tokyo, where the firm also recently hired Satoshi Yui, credit derivatives trader at Morgan Stanley. In Japan, the traders will focus on the nascent CJ 50 credit-default swap index, which the bank launched with Goldman Sachs and Bank of Tokyo-Mitsubishi in August. The index accounts for roughly 20% of daily trading activity (DW, 9/24).

The structurer will sit in Hong Kong in the Asian regional team and focus on hybrid instruments.

12 Oct 2003