UBS Securities Japan is relocating its equity derivatives trading team from Tokyo to Hong Kong in a move to centralise its EQD capabilities in one place.
Trevor Hill, head of Japanese equities for UBS Securities Japan, said in a statement that the centralisation will enable the bank to deliver a higher-quality service to its clients across the Asia-Pacific region, including in Japan.
"We continue to be active in all equity and equity-aligned derivatives products on behalf of clients," he added.
SRP confirmed that the trading team in Hong Kong will continue to be run by the head of Asia and Japan equity derivatives trading, Christopher Scott, and that the division's sales efforts will also continue to be led by the head of equity derivatives sales in the Asia-Pacific, Julien Bahurel.
In addition, Michel Lee remains as head of equity solutions, Asia-Pacific; and Trevor Hill as head of Japanese equities.
A UBS spokesperson declined to comment on the number of people in the equity derivatives trading team, but confirmed that the process is ongoing and that there isn't a specific date for completing the move.
Last year, UBS trimmed its Tokyo Equity Derivatives team as part of a headcount reduction in its equity and equity derivative sales teams in Tokyo and Hong Kong, following the announcement of the restructuring of its investment bank.
Those made redundant in the Tokyo equity derivatives team included Matthew Pain, executive director; Yoko Omori, an electronic trader; and Satoko Hara, an equity derivative sales director.