Korean security house Good Morning Securities is looking to hire two marketers/structurers for fixed-income derivative products as part of a push into the over-the-counter derivatives market and already has hired two traders to guide the process. J.W. Ahn, Korean won interest-rate derivatives trader at Deutsche Bank in Seoul, is taking the new position of head of new products trading, responsible for fx and interest-rate products. Mino Rhee, Korean equity derivatives trader at Commerz Securities in Tokyo, will head up equity derivatives trading, relative value and arbitrage.
J.C. Han, head of sales and trading at Good Morning, said the firm started two years ago, and is now ready to expand into derivatives. Good Morning Securities has a niche as a local firm, and with a strong client base and local knowledge, it can serve on-shore clients' growing demand for the products.
Insuk Jung, head of trading at Deutsche Bank in Seoul, said the bank is looking for a permanent replacement. Simon Clowes, regional head of Asia at Commerz in Tokyo, said Asian equity derivatives trader Henry Yu would assume Rhee's responsibilities.