HSBC is expanding its Asian interest-rate derivatives desk and has hired Samuel Koh, senior regional currency-denominated interest-rate derivatives trader at Citibank in Singapore, in the new position of head of Asian domestic derivatives trading. Anita Fung, director, head of fixed income and derivatives, Asia-Pacific at HSBC in Hong Kong, explained that the firm is gearing up to cash in on the region's economic recovery and plans additional hires.
Koh, who starts this week, will be responsible for HSBC's Asian regional currency-denominated interest-rate derivatives business, ex-Hong Kong dollar, Fung said. The bank decided to create the position last year after restructuring its fixed income and derivatives businesses to achieve greater efficiencies between the two, Fung explained.
A trader at a rival bank said HSBC has the capacity to grow its regional derivatives business, as its main strength is in Hong Kong dollar-denominated derivatives.
Citibank is currently interviewing to replace Koh, said Lam Kun Kin, head of trading in Singapore.
