Marc James, managing director-corporate fixed-income derivatives marketing at Bear Stearns in New York, has taken the new position of head of fixed income and credit derivatives marketing at Commerzbank Securities in New York. Several market players expressed surprise at the move, noting that Commerz has a low profile in U.S. fixed income derivatives. Others said the new position gives James, the opportunity to build a business. James could not be reached for comment.
Joe Mahfouz, head of derivatives for the Americas at Commerzbank in New York, said the group has long sought the opportunity to expand its fixed income and credit capability, but was waiting for the right candidate. Mahfouz continued that James brings client relationships to Commerz and regulatory and accounting expertise that will help clients grappling with the Financial Accounting Standard Board's Statement Number 133.
The hire represents a coup for Commerz, noted two derivatives marketers. "He's a good competitor of ours," admitted an interest-rate derivatives marketer in New York.
