A derivative here may not sell there

UBS MD Philip Tsao discusses Asia''s diverse market for derivative products.

Philip Tsao, UBS Investment Bank's managing director, joint head of debt capital markets and risk management, is expansive about the derivatives business. Indeed, he jokes that most of his colleagues in the segment have either cashed out or moved on.

But he says he loves the challenge. Here, he talks about his bank's derivatives business.

Tell us about UBS' derivatives business market in China

Tsao Now that the renminbi fluctuates, clients think twice about which currency they should use to hedge. The US dollar used to be the proxy for the renminbi.

Is it still a good proxy...

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