ABN Amro steps up credit derivatives effort

Groes has hired Matt Chauvel from General Re Securities as a credit derivatives trader in London. Gen Re Securities is currently being unwound by its ultimate parent Warren Buffet's Berkshire Hathaway.

"Matt is the first in a number of hires. After Easter expect some more," Groes told RiskNews.

The credit derivatives market is expanding rapidly, with the notional amount outstanding increasing from $108 billion to $694 billion between end-June 1998 and end-June 2001, according to the Bank for International Settlements.

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