Foreign Banks Expand Derivatives In Tokyo Despite FX Changes

BANKS

Foreign banks in Tokyo are expanding staff responsible for selling and designing derivatives products, despite a trend to relocate foreign exchange and equity divisions to Hong Kong and Singapore, sources say.

In recent months a trickle of departures of forex traders has become a steady stream (FX Week, January 17), but the opposite is true of derivatives. "The business of structuring yen-denominated products for Japanese corporations is in full swing," says Funeel Bakhshi, Citibank's

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