KBC Financial Products is planning to increase its presence in the credit derivatives market by year-end as part of a joint venture between the securities market subsidiary and its parent, Belgium's KBC Bank. The company has recently decided to move its credit derivatives operations from the bank side to the securities subsidiary, in a move that will transform KBC from an end user to an active market maker, according to Carlo Georg, head of international trading in London. The move follows Georg's move from Hong Kong to London to take up the new role (DW, 9/2).
As part of the effort, KBC plans to hire an unspecified number of traders and structurers to bring the New York and London-based teams to around 10 staffers. He declined to say how large the team is now.
