Standard Chartered Bank has hired Dong Chan Kwan, fixed income portfolio manager at Samsung Investment Trust Management an interest rate trader for the domestic market in Seoul. Kwan confirmed the move, but declined further comment. He now reports to Y.C. Park, head of global markets in Seoul, who noted Kwan is a replacement for Hong Sik Kim, interest rate trader, who joined Merrill Lynch a few months back after it launched its onshore securities branch.
Separately, dealers in Seoul noted interest rate derivatives activity jumped late last week on the back of a surprise rate cut by the Bank of Korea, which took the overnight call rate to a record low of 3.25%.
