JP Morgan has set up a local-currency credit trading desk in Hong Kong that in December executed what it says was the first ever credit default swap (CDS) denominated in Korean won, with Korea Development Bank.
Terry Koh, previously head of Asia credit derivatives in Hong Kong, heads up the new desk, with his old position being filled by Henry Yoon. Koh's team - comprising three staff in Hong Kong and one in Seoul - will initially focus on CDSs denominated in Taiwan dollar and won. It will al
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