Dongwon Securities poaches JP Morgan Chase banker

South Korea’s Dongwon Securities has hired BJ Kim, an ex-JP Morgan Chase banker, as executive vice-president to boost the firm’s over-the-counter derivatives capabilities. Previously, Kim was head of credit markets at JP Morgan Chase in Seoul.

Dongwon Securities established its OTC derivatives sales team in July following regulatory changes that opened up the country’s OTC derivatives market to securities firms. Currently, the OTC derivatives sales desk consists of a team of eight but an official at the firm said it plans to add more staff in sales and trading. The official added that the firm will offer equity, interest rate and foreign exchange derivatives, but doesn’t expect to begin trading until the second quarter of 2003. At Dongwon, Kim will report directly to the president of the firm, Young Kyu Kim.

An official at the Financial Supervisory Commission, the local regulator, added that Dongwon Securities, Hana Securities, Woori Securities and Goodmorning Shinhan Securities (formerly Good Morning Securities prior to its merger with Shinhan Securities in August) all applied for a licence to trade OTC derivatives at the end of October.

So far, Samsung Securities, Daewoo Securities and LG Investment and Securities have received OTC derivatives licences, receiving regulatory approval in October.