Merrill Lynch plans to launch an onshore interest rate trading operation in Seoul early next year. "We should get our license in the first quarter," said H.H. Choi, head of debt in Seoul. Choi transferred from Merrill's Hong Kong hub late last year to build up the firm's debt and investment banking businesses (DW, 10/28/02).
Choi said the firm has been talking with the Financial Supervisory Service about the impending green light, but declined further comment. Merrill currently covers Korean clients via its fixed income and strategic solutions group in Hong Kong.
The ranks of onshore market participants in Korea has continued to swell this year, with Bank One setting up a desk (DW, 2/23) alongside regional players, such as DBS Bank (DW, 10/12) and United Overseas Bank (DW, 9/23).
