ABN AMRO is predicting the Korean equity derivatives market is going to take off and plans to hire additional marketers to cope with the demand. "We're looking to increase our resources," said Frank McKirgan, head of Asian equity derivatives in Hong Kong.
McKirgan attributed the increased interest in the Korean equity market to a more relaxed attitude by regulators due to the opening of an onshore market in July (DW, 11/25). "It's now easier to get trades approved," added McKirgan, noting growing interest for corporate equity derivatives products. The marketers will be based in Hong Kong.
Other houses have also hired equity marketers for Korea in recent months, including JPMorgan (DW, 4/29) and UBS Warburg. Lehman Brothers is setting up an onshore operation (DW, 2/17) and is thought to be hiring for it, according to officials. Ann Perng, spokeswoman at Lehman in Hong Kong, declined comment.
"Korea is hot," said Susan Law, managing director at TPL Executive Search in Hong Kong, commenting on the fact that so many firms are hiring in Korea.