UBS Warburg is looking to expand its emerging markets fixed income derivatives trading capabilities in the coming months. The firm will likely start trading Mexican peso derviatives in January, with Chile's and Brazil's yeilds curves being next on the list, according to Joonkee Hong, global head of emerging markets derivatives in New York.
Hong transferred from Hong Kong earlier this year to establish a dedicated emerging markets operation (DW, 2/3) and has already started trading fixed income derivatives in Hungary, the Czech Republic and Taiwan. The firm is also reviewing getting into the Thai and Russian markets. "We are thinking seriously about these markets," said Hong.
For Latin American derivatives, Hong said he will likely transfer a trader internally to handle the book. However, as the operation grows, he may hire additional onshore marketers for its desks in Latin America, which are now handled by UBS' debt capital markets and fixed income professionals.
