Korea’s Samsung Securities has poached Alex Choi from Goldman Sachs to head its newly established capital markets division in Seoul. Choi was previously executive director for liabilities management at Goldman Sachs in Hong Kong.Choi will bolster Samsung Securities’ development of its derivatives capabilities following the introduction of a new regulatory regime in July that opened up the over-the-counter derivatives market to securities firms.
Samsung Securities has already hired 40 staff in proprietary trading, capital markets and derivatives as part of its response to the rule changes, said Choi. He added that the firm received a licence to trade derivatives last week.
“There are already a number of professionals who will structure and trade derivatives products, but we will continue to recruit experienced marketers, structurers, and traders both from foreign and local houses,” said Choi.
Although Samsung Securities will primarily focus on equity and fixed-income derivatives, it plans to expand its product range into foreign exchange derivatives in the near future, said Choi.
Choi will report directly to YK Hwang, chief executive of Samsung Securities.
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