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Mardi Gras at the Bank of Mexico
Mexico at the beginning of 1994 is a big hit. At that time, the United States had just passed the North American Trade Agreement, and all the bankers were running to Mexico City in the south. According to the data of Emerging Market Dealers Association, the transaction volume of 1993 reached150 billion US dollars, twice that of the previous year. Latin American derivatives are the fastest growing part of the whole derivatives market. The monthly turnover of derivatives in Latin America increased from $3 billion in 1993 to $25 billion in 1994. All major banks want a piece of the capital flow between the two countries. Major banks in the United States are preparing to apply for the establishment of Mexican branches, and many banks, including Morgan Stanley, already have special teams working in temporary offices in Mexico. With my experience in First Boston, I am almost an old hand in Latin American derivatives. Morgan Stanley has dominated the Latin American derivatives market, and now it has hired me and another manager to expand its business, so Latin American bonds have quickly become the most important part of the trading floor. Scarecrow was appointed as the head of Latin American derivatives business. I should spend some time describing the layout and hierarchy of the trading hall so that you can …
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