BNP Paribas creates credit arbitrage team

BNP Paribas is setting up a global credit arbitrage team, with Stéphane Delacote, previously Tokyo-based head of credit trading and derivatives for Asia-Pacific at the French bank, moving to London to head up the new division.

There he will set up the network of eight senior traders - three in London, three in New York, and two in Tokyo. “The idea is to diversify our revenues,” says Delacote in London. “We’re interested in all types of relative value arbitrage which includes credit risk, such as credit versus equity or basis of bonds versus credit default swaps.” .

Emmanuel Ramambason, who had been trading exotic credit derivatives in Tokyo, has taken over from Delacote, with the official handover period expected to end this month.

BNP Paribas has also hired Mathieu Scetbun from Crédit Agricole Indosuez in Paris to replace Ramambason