Lehman Brothers has started trading fixed income derivatives in Seoul after spending last year setting up the desk. "We're just starting this week," said J.S. Kim, senior v.p. in fixed income in Seoul. Kim joined the firm last year from Citigroup to establish an onshore derivatives business (DW, 3/14).
Lehman is now trading won-denominated interest rate swaps and options for both proprietary and client positions. Rival house Merrill Lynch started its onshore derivatives trading effort in the summer (DW, 6/21) while Morgan Stanley told DW last week it recently submitted its application for a derivatives trading license and hopes to join the fray in the coming months.
