UBSW hires from Merrill in Korea

UBSW has expanded its Korean equity derivatives team.

With Korea experiencing thriving equity markets, and with regulatory changes making the use of derivatives easier, UBS Warburg has hired two senior bankers from Merrill Lynch, one of whom will be a managing director.

The move signals UBSW's belief in the potential for a booming equity derivatives market. In the second half of this years, new regulatory changes will allow OTC derivatives transactions between domestic houses, while on January 28th a single stock option market was launched.

Already, Korea has the largest exchange-traded derivatives market in non-Japan Asia, and has futures market turnover of around $5 billion per day, which is on a par with the cash market.

In a move to reinforce its...

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