Korea's Samsung Securities recently hired Alex Choi, executive director in fixed income sales at Goldman Sachs in Hong Kong, in a new role as its head of the capital markets division in Seoul, to kick-start its derivatives business. "It's a very compelling opportunity," said Choi, explaining his reasons for moving. He will look to build up Samsung's newly-created division: "We're putting together proprietary trading, capital markets and derivatives under one division." Choi noted that for this initiative, he will establish a fixed-income and equity derivatives operation when Samsung receives a license in the next few weeks, hiring both traders and salesmen. "If any domestic firm has a chance to really succeed in the derivatives market, it's this one," he added.
A number of securities houses in Korea including LG Investment & Securities Co., are also planning derivatives operations as new regulations now permit domestic houses to trade derivatives onshore (DW, 9/22).
Choi now reports to Hwang Young Key, president in Seoul. Hwang did not return calls. At Goldman, where he handled corporate derivatives marketing, Choi reported to Tracey McCabe, head of fixed-income in Hong Kong. McCabe did not return calls.
