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Derivatives

Bear Stearns Boosts Credit Effort

Bear Stearns International is planning to hire two credit derivatives traders for its London-based team. Olivier Staub, who is currently the team's sole trader, said the hires would come as part of the firm's broader strategy to become a bigger player in the European market. "Bear is expanding in Europe and credit derivatives was identified as a key market to be in," he noted, adding the firm has made some hires on the sales and marketing side in recent months and now wants to complement that on the trading side. Staub himself is a relatively new recruit, having joined a few months ago from J.P. Morgan. Bear Stearns is also planning to hire for its London-based interest-rate product group as part of its European strategy (DW, 10/22).

And pros at rival houses have noticed Bear Stearns' increased activity. "[It] was not too active before but there has been a definite pick up," said one market maker.

Bear Stearns has also made a recent hire on the structuring side, Anthony Wigglesworth, from Société Générale. Wigglesworth referred calls to Andrew Whittle, senior managing director and head of credit derivatives in London. He referred calls to John Knight, a spokesman, who declined to comment. A spokesman at SG did not return calls.

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