Japan's SMBC prepares credit derivatives desk

The bank’s move is in response to increased customer demand for credit derivative products, as investors look for alternatives beyond the flailing stock and bond markets, according to an official at the bank in Tokyo. The team will likely number five or six traders, and will offer credit default swaps, credit-linked notes, and synthetic collateralised debt obligations.

“We are now discussing the structure and strategy of the group, but we expect to have a team in place before the end of the year,” the offical said.

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