JPMorgan said it has won a license to market and trade over-the-counter derivatives in South Korea.The license, which will broaden the US bank's product range as the country's securities market deregulates, enables JPMorgan to deal onshore in over-the-counter won-denominated derivatives of all asset classes including equities, interest rates, foreign exchange, credit and commodities and products. JPMorgan can also act as a liquidity provider for equity-linked warrants in South Korea.
JPMorgan joins 19 domestic firms and nine other foreign firms with over-the-counter derivatives licenses.
Overseas players include Macquarie, Citigroup, Credit Suisse, Merrill Lynch, Lehman Bros, Nomura Holdings Inc, Deutsche Bank, Goldman Sachs and UBS.
The Capital Markets Integration Act, which is set to take effect in February, has raised hopes for further growth in South Korea's securities market by making it easier for companies to package and sell derivatives and develop in-house funds. (Reuters)