Standard Chartered Bank is bulking up its in-house derivatives expertise across the globe.

The bank snared derivatives associate Belle Chan-Moffat from Stephenson Harwood for its London team at a time when most banks are cutting staff rather than recruiting.

A source close to the bank said: “There’s been significant growth in the commodity derivatives market, particularly in the emerging markets. Because the bank is prominent in various emerging markets, including the Middle East and Asia, it’s become a big part of the business.”

During the next year the bank plans to recruit derivatives lawyers in Dubai, New York and Singapore.

Earlier this year (1 October), The Lawyer reported on the dearth of derivatives lawyers in the legal market.

The source said: “Good derivatives lawyers are few and far between and the ones that are in the market are highly sought-after.”

Last year ABN Amro launched a training programme to develop derivatives expertise in-house.