Lyonnais Opens India Equity Book
Credit Lyonnais is planning to start trading offshore over-the-counter equity derivatives on Indian names in the coming weeks. "This has huge potential," said Nicolas Cohen-Addad, head of equity derivatives in Hong Kong, adding, "People are becoming more interested in the Greater Asian markets including China and India." Lyonnais began Indian cash equity trading in November out of Hong Kong and expects to start offering OTC products in the coming weeks, said Cohen.
The existing trading staff will add the Indian market to their duties but Cohen noted that once it becomes a larger book they will look to transfer a dedicated trader internally to manage OTC trading.
The firm will join a growing list of derivatives houses to do this, including Salomon Smith Barney, which set up a desk last year (DW, 6/16).