TFS, a physical and derivative products inter-dealer broker, is planning to add a weather derivatives broker to its London office. The firm, based in Stamford, Conn., has had a weather derivatives business in Europe for about a year and a half, run by Fritz Siebel. Kendall Johnson, managing director and head of weather derivatives in Stamford, said the new hire will report to Siebel.
It makes sense to have more than one trader covering the European weather derivatives market as if there is only one broker in London, every time he is out of the office, the desk needs to be covered from the U.S. A competing broker agreed that adding a second person was common sense. "If you're covering the desk alone, you can never have a sick day."
