Calyon consolidates in Asia

As part of the move, two traders transferred to Hong Kong from Tokyo, where CAI’s majors trading business was based: head of desk John Arvanitis and Nicolas Marchal, a commonwealth options trader.

The bank also transferred CAI’s emerging markets options business from Singapore to Hong Kong, although no traders transferred as part of this move. The bank’s remaining emerging markets options trader in Singapore, Chris Sandford, chose to leave the bank rather than move to Hong Kong.

His position has been replaced by existing staff at Credit Lyonnais’ Asian headquarters in Hong Kong, which is now the main liquidity centre for Calyon’s FX business. The 24-hour FX desk has four people in options and six in spot trading. Tokyo, however, retains a spot FX desk for yen trading and to service Japanese clients.

Derek Sammann, Calyon’s London-based global head of FX options, said: "As a result of the merger, I decided to rationalise the Asian platform in one centre to most effectively leverage strength across majors and emerging markets from one central location. Given the strength of the platform at CL in Hong Kong, we rationalised the Asia platform there." He added that the move also enables Calyon to reduce costs and streamline its trading and product distribution processes.

Both the former CAI’s offices in Tokyo and Singapore remain open, although there will be further integration with Credit Lyonnais in Asia.

Arvanitis, who is now Calyon’s head of trading for Asia, reports to Sammann and to Frederic Lainé, Hong-Kong based head of trading for interest rates, currencies andcommodities. The spot traders in Hong Kong report to Jon Simmonds, global head of spot FX in London.

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