The London branch of the Korea Development Bank plans to hire a treasurer, who will explore using credit derivatives to buy protection and take exposure. David Afcroft, head of securities trading in London, said part of the new treasurer's responsibility will be to examine credit derivatives. "A new treasurer, with experience, would presumably look to take on exposure as he sees fit, not necessarily massive exposure, but [it] would increase our opportunities." The firm does not plan to make markets in credit derivatives from its London office. The firm's Seoul headquarters already uses credit derivatives.
The hire will replace Bill Farrant who left a year ago, according to Afcroft. Since his departure existing staffers have carried out his responsibilities, but KDB decided to step up its search for a head two weeks ago. The firm has boosted its efforts to recruit because it wants to have someone in place for the new year, Afcroft explained.
