Deutsche and JP Morgan get Korean OTC licences, while Lehman fails to convert branch



Deutsche Bank and JP Morgan obtained licences to market and trade over-the-counter (OTC) derivatives in South Korea on July 25. However, JP Morgan did not receive the licence for its onshore incorporated entity, unlike Deutsche Bank, meaning the German bank can now issue products such as equity-linked warrants (ELWs), but the US dealer still cannot.

Meanwhile, Lehman Brothers, which was seeking to convert its South Korean branch into a full subsidiary, has failed to achieve this status by the

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