JPMorgan will shortly launch a local currency credit derivatives desk for Asia. Terry Koh, a credit trader, is in the process of setting up the desk in Hong Kong which has a remit to cover the whole of Asia. The intention is to offer credit-default swaps denominated in local currencies for Korea and Taiwan. "Next year we see a big opportunity in this," Koh said.
Koh declined to elaborate further at this stage as everything is not yet in place. He added only that the purpose of the desk was not for inter-bank broking.
