Bear expands EM trading

Andrew Mayer joined the bank in September as an options trader. His hire follows the appointment of Minh Phung, a spot and forwards trader in August. Both are new roles reporting to Bernd Broker, head of forex in London.

Broker said the bank plans to add another two or three traders in emerging markets by early 2005, as well as some sales dealers in a bid to build emerging markets in London to equal the bank's existing G5 business. "We would like to be strong in G5 currencies as well as in emerging markets and exotic options," explained Broker. "We need to be able to react to opportunities in the market, whether they occur in G5 or in the emerging market sector."

The bank is particularly interested in boosting its coverage of currencies such as the Polish zloty, Hungarian forint, Turkish lira, Slovak koruna and South African rand. "They share the characteristics other currencies had previously – high volatility, high interest rates and less liquidity, making it attractive for both customers and traders alike," said Broker.

The build-up in European emerging markets follows a similar focus on Latin America at the bank's New York office. Sales dealers Adam Brodnicki and Amar Singh joined Bear Stearns in New York covering emerging markets in the summer. They report to Ross Taylor, managing director and head of FX sales in New York.

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