Merrill props up Tokyo

Allan Bedwick, RBS’s head of proprietary and rates trading in Tokyo, and Harry MacKenzie, a senior trader at RBS, have already joined the US investment bank, said a Merrill spokesperson, but he declined to provide further details.

One source familiar with the move said the desk would function more as an internal hedge fund, focusing on FX and global macro trading.

"Merrill is trying to bring back more of a prop trading culture and take advantage of the hedge fund volatility wave," said the so