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Derivatives

Broker/Dealer Looks To Expand Derivatives Group, Hires I-Rate Pro

Dupont Securities Group, a subsidiary of Dupont Direct Financial Holdings, plans to hire six interest-rate derivatives marketers in New York in a move to offer more relative-value trade products for its clients. The firm has hired Steven Block, head of interest-rate trading at Commerzbank Securities in New York, as a managing director of derivatives trading. Before Block joined Lewis Goldman, senior managing director of capital markets and new business development, handled the responsibilities. The firm created Block's position to increase the scope of its relative-value department.

Block, who joined the broker/dealer firm about two weeks ago, is responsible for modeling, structuring, pricing and trading derivative products for the group. The products will include credit, interest rate and equity derivatives. The firm is doing this because of increased customer demand, according to Goldman.

"Steven gives us market intelligence, relative-value trade ideas, competitive pricing and overall leadership," Goldman said.

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