Several banks in Taiwan are looking to beef up their derivatives teams in interest rate, currency and equity products to meet increasing client demand for hedging these risks.
Dah An Commercial Bank is looking to double its derivatives desk with the hire of three or four derivative marketers in the next few months, said Andy Huang, head of treasury in Taipei. The bank is particularly interested in recruiting in interest-rate swaps and foreign exchange-related derivatives.
Chinatrust Commercial Bank and Sino Bank are also gearing up. Joe Chen, manager of the financial markets department at Chinatrust, said the firm has built a nine-strong derivatives trading team and is looking to hire an additional trader. Henry Chang, v.p. at Sino Bank, commented that the firm is shorthanded and hopes to hire one or two traders within a month. The bank's three-strong team uses derivatives for hedging interest-rate and currency risk for its clients and has applied for a license to start using equity index options and swaps, he added.
