BNP Paribas plans to hire up to 20 foreign exchange marketers with knowledge of over-the-counter derivatives as part of the firm's effort to offer more structured fx products to generate higher margins in a commoditized plain-vanilla market. Ligia Torres, head of fx sales in Paris, said, "we are concerned that fx is becoming a commodity and we are trying to find a solution," adding, "we are trying to recruit people with a strong background in derivatives."
The marketers will offer all foreign exchange products, but the firm hopes to find a niche in structuring products for bespoke needs, such as risk management during a merger or acquisition.
The new recruits would work out of sales offices including London, Paris and New York and would follow the recent addition of Jeremy Adam, who joined from ABN AMRO as an fx options salesman at Paribas in London earlier this month (DW, 1/21).
