Bear Stearns launches emerging markets book

"We already have a strong presence in the US for Latin America, and the Asian market is not that active," said Bernd Broker, London-based head of European FX at Bear Stearns. "We needed someone to cover the European timezone. Turkey, South Africa and Poland in particular have very active currencies right now."

The bank previously ran emerging markets in London from the G10 desk, but in view of these opportunities, decided to hire someone with "total focus" on the market, said Broker. The bank