Merrill Lynch creates non-Japan Asia derivatives role

Merrill Lynch is creating a new position for its non-Japan Asia local currency foreign exchange and interest rate derivatives business to cater for client demand, a senior official said.

“We are expanding our local currency derivatives business for non-Japan Asian clients and as a result we have created a new role - structured products trader,” said William Schek, Merrill’s Tokyo-based head of local currency trading for non-Japan Asia.

Merrill has hired Bertrand Hongre from Crédit Lyonnais to fill the new position. Hongre, who was based in Hong Kong and had a similar position at Crédit Lyonnais, will move to Tokyo to start his new job on July 15. He will report directly to Schek.

Before his four-year tenure at Crédit Lyonnais, Hongre had already worked on fixed-income derivatives for two years at BNP Paribas. He was “the best choice we could find on the market,” said Schek.

In his new role, Hongre "will create structured products” both for clients who need to manage their liabilities and for investors seeking to enhance their yield. He will also trade foreign exchange and interest rate volatility.