BarCap building derivatives desks
Barclays Capital is gearing up in credit derivatives by launching proprietary trading desks in the product on both sides of the Atlantic.
Some hiring must be on the cards, but the bank is not commenting. The Times reports the bank is understood to be looking for staff to back up one of the desk's leading traders in London, Rupesh Tailor, and in New York, Kevin Roach.
Seems a natural move for the debt markets powerhouse and puts BarCap potentially in league with such heavy derivatives hitters - albeit a mix of credit and equity derivatives - as Sociètè Gènèrale and BNP Paribas.
More banks are making more profits from their prop desks, where traders deal with their firms' own funds. BarCap has structured the new desks as internal hedge funds with millions of dollars of the firm's capital to trade.
