Merrill Lynch is expecting to receive a full derivatives license for the domestic Korean market in the coming weeks. "This will allow us to offer the full scope of products," said an official at the firm, explaining it will then be able to market won-denominated credit, equity and interest rate products locally. Merrill became the first securities house to pick up an onshore fx derivatives license last year (DW, 6/27), allowing it to tackle established global banks in Korea, but the upgraded license will let Merrill market products on all fronts.
Credit Suisse First Boston, Lehman Brothers and Morgan Stanley have also picked up full derivative licensing within recent months (DW, 7/1). Mark Tsang, spokesman at Merrill in Hong Kong, was not able to comment by press time.
