Another week, and another bank is looking to expand in Asian equity derivatives. This time it's Royal Bank of Scotland (RBS).
Derivatives Week reports that the Scottish bank is setting up an equity derivatives team for the Japanese market. Three marketers and several back office staff from BNP Paribas in Tokyo have apparently been hired to kickstart the operation.
Philippe Avril, branch manager at RBS in Tokyo, is reported as saying it's too early to comment on potential hires, but says conditions are as good as they can be.
Other banks are also looking to build in Asian derivatives. SG Corporate and Investment Banking hired Sandra Lee from HSBC to spearhead the bank's expansion in the Asian structured products market. Merrill Lynch hired Mathilde Roland from Deutsche Bank as a Hong Kong equity derivatives trader last October, and Wachovia and ABN Amro have also been building in the region.