MUFG launches CDS franchise in US with bet on volatility

Clearing helps Japanese bank branch out into US single names

Mitsubishi UFJ Financial Group
Mitsubishi UFJ Financial Group: advent of central clearing has made CDS “a much better product”

Mitsubishi UFJ Financial Group has launched a single-name credit default swap (CDS) business in the US on the back of increased availability of clearing and an expected return of volatility.

Matthew Simpson, a former credit trader at Deutsche Bank and HSBC, has been handed the reins to MUFG’s business in the US, which officially launched on January 1. He tells that launching a US CDS franchise was the next logical step after making inroads in Europe and Asia in the past two years.


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