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Derivatives

Bank Of Ireland Readies U.S. Push

Bank of Ireland Global Markets plans to offer derivatives and structured products in the Americas.

Bank of Ireland Global Markets plans to offer derivatives and structured products in the Americas. The firm landed a U.S. banking license late last year and has expanded from five front-office staffers to 12 to build up the business.

The aim is to focus on niche, high-end markets such as structuring, derivatives and emerging markets from its office in Stamford, Conn. In an e-mail to DW, Joe Connolly, head of U.S. customer sales, said Latin America and Canada will be a focus for the firm. Initially, it will look to sell to offshore investors, but it may apply for a broker/dealer license at a later date.

The firm's Dublin office has a reputation for structuring innovative investments for Europe. It was the first firm to offer an equity-default swap note to retail investors in the U.K., and has launched other novel structures such as an equity note with an extra return linked to whether there is snow at Christmas (DW, 10/1/04). Dublin will provide trading and structuring support to the U.S. business.

The firm plans to make additional hires as its business grows.

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