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Barclays Sets up Credit Derivatives Prop Desks

Barclays Capital has set up two proprietary trading desks in New York and London to trade credit derivatives. The bank says the desks have been created to keep pace with the rapid increase of its client business.

Rupesh Tailor, a credit derivatives trader from Barclays Capital, has been moved over to work on the desk in London. Overall four traders will work on the two desks, a spokesperson says.

In a statement, the bank says: "The Barclays Capital business is centred around the activity of our clients. Our proprietary trading capability, which is not significant relative to our overall trading but nevertheless an essential tool in the effective management of our portfolio has been marginally increased in order to keep pace with the ongoing increase of our client business."

This month Barclays reported a 66% leap in first half profit to GBP1.25 billion and the spokesperson says it has enhanced its prop trading capability in line with this growth.

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