Y.J. Rhee, interest-rate derivatives trader at HSBC Korea in Seoul, is joining Credit Agricole Indosuez in Seoul as head of derivatives trading. In this new position Rhee will look to build up the firm's derivatives trading book, offering interest-rate and fx products said J.H. Kim, head of sales, and the other member of the derivatives desk. Kim added that investors in Korea are especially keen on using currency swaps, allowing them to convert off-shore investments into won. He mentioned that Credit Agricole Indosuez would likely become involved with the credit derivative market when regulations are loosened. Rhee could not be reached by press time.
Rhee, who starts at the end of the month, will report to Young Joo Lee, treasurer. Lee said that as investors in Korea have become more sophisticated, they are demanding more derivative products. He added that the firm is looking to hire an fx options trader.
At HSBC Korea, Rhee reported to S.T. Jung, head of trading. Jung said he is looking to hire a replacement for Rhee.