Tradition plans high-yield CDS offering

Tradition, the London-based interdealer broker, plans to offer European high-yield and crossover credit default swaps (CDSs) by the end of the year.

Last week, Tradition announced that Brian Modlock, recently hired from MIS Brokers, will run the its newly created European high-yield cash desk. The intention to offer high-yield and crossover credit derivatives products on the European desk will be an extension of this new business area. The broker already offers high-yield services in Asia and the US.

Abdalla Bachu and James Tabor have both moved within Tradition to the high-yield cash desk. Bachu is a CDS specialist while Tabor comes from the credit repo desk. Darren May will also man the desk. He comes from MIS Brokers.

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