Feb. 22 (Bloomberg) -- Citigroup Inc. today appointed Hiro Matsuki to lead marketing of its listed and over-the-counter derivatives clearing business in Japan to spur fee income, according to a memo obtained by Bloomberg News.
Matsuki will target clients including banks, insurers, pension funds and hedge funds to improve its presence as a clearing broker in the country, according to the document. Mika Nemoto, a Tokyo-based spokeswoman for Citigroup, confirmed the contents of the memo and declined to comment further.
Financial institutions, which trade interest-rate and credit-default swaps over the counter, are preparing to perform transactions through a central counterparty after world leaders agreed to tighten rules following the global financial crisis.
Matsuki has been working in Citigroup’s prime finance group, which offers services to hedge funds, and will keep those duties, according to the memo.
“Citi is strategically focused on the futures and OTC clearing business in Japan,” Fumito Okuyama, head of investor sales at Citigroup Global Markets Japan Inc., said in the memo.
--Editors: Russell Ward, James Gunsalus
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