RBS traders join Phoenix

Royal Bank of Scotland's (RBS) head of high yield credit default swap trading Steve James has stepped down in order to join the London office of interdealer broker Phoenix Partners.

In his new role, James will be responsible for the day-to-day running of the high yield area, and will report to the current desk head Alex Hucklesby, who plans to spend more time overseeing the growth and development of the London office. Chetan Ladwa will also be moving from RBS to Phoenix - he was formerly a trader at the UK bank and will now work as a broker, reporting to James.

Phoenix opened its London desk in October 2006 and focuses on niche markets such as off-the-run CDSs.