Don Lee has joined HSBC as managing director head of foreign exchange derivatives for the Americas and global head of foreign exchange exotics.

Based in New York, he reports to Matt Desselberger, global head of foreign exchange derivatives, and to Ben Welsh, head of foreign exchange for the Americas. Lee will be responsible for developing HSBC Securities' foreign exchange derivatives business across the Americas and for expanding the company's exotic product profile and distribution globally.

"HSBC's foreign exchange derivatives volume in the Americas grew significantly in 2004 and we expect that growth to continue," said Joseph Petri, head of global markets for the Americas. "We are confident that Don has the experience and skills to build on 2004's successes and to help drive our business to the next level."

Lee joins HSBC from AIG Financial Products, where he was global head of currency options. He is recognized as one of the industry's leading foreign exchange professionals having successfully spearheaded Goldman Sachs' foreign exchange derivatives and e-commerce businesses prior to moving to AIG in 2002.

Background notes: HSBC Securities (USA) Inc. is a financial services leader, serving a wide-range of corporate and institutional clients. It engages in underwriting, dealing, and brokering a full range of debt and equity securities and futures contracts and serves as a primary dealer in US government and federal agency securities.