BNP Paribas's acquisition of Zurich Capital Markets derivatives operations will place the French bank in a leading position in the US fund derivatives markets.

Zurich Financial Services, the Swiss insurer, has transferred its Zurich Capital Markets (ZCM) operations to BNP Paribas. Under the agreement, BNP Paribas will take over ZCM's derivative transactions and structured products, as well as its credit facilities and related assets. BNP will also be taking on 60 of ZCM's 260 staff, all of whom work in fund derivatives in the US.