After a summer of hiring and firing by Asian securitization firms, one could reasonably expect things to settle down as the traditionally more active winter months kick in. That, however, is not the case as more migration is expected within the securitization groups at Calyon Securities, Moody's Investor's Service, Nomura Securities, Societe Generale.

Perhaps the biggest surprise is Christopher Chau's departure as head of Asian securitization at Nomura. Chau joined the firm from Fitch Ratings in 2001. Although other firms have been busier in the intervening years, Chau's team built up a reputation for working on some of the most innovative transactions in the region.

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