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The News: Australia Is Barclays' Latest Expansion Target

Barclays Capital has turned its sights to Australia. The London-based bank, after dramatically expanding its footprint in the U.S. in recent years, is launching launching a new foreign exchange and interest-rate trading business based in Sydney.

Barclays has already hired or moved 15 people to Sydney, where its headcount has climbed to 100 from 40 over the past 12 months, according to The Wall Street Journal.

Barclays's expansion in Australia is part of a wider growth strategy for the bank in Asia. It has already relocated traders from its Singapore and Tokyo bases to run the new Sydney based trading.

Barclays seeks to become one of Australia's top three market makers in government and semi-government bonds in Australia. The bank also plans to quote prices for Australian dollar foreign-exchange forwards, plus interest-rate and cross-currency swaps in Australia and New Zealand currencies.

New hires include Anthony Robson, who heads trading in Australian dollar and New Zealand rates; Lucio Febo, head of distribution for Australia; and Gavin Stacey, fixed-income strategist.

Barclays Capital Targets Australia [WSJ]

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Booming sales of speculative-grade bonds are keeping high-yield capital markets bankers and traders busy, adding job security to a niche that was devastated during the crisis.

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