Banco Santander, Spain's largest bank, has set up a derivatives unit in cooperation with VHGO, a Westloom Conn,-based investment banking boutique.

The new unit, Santander Financial Products, will be based in Madrid and will be wholly owned by Santander.

VHGO will supply technology, experience, and support, while Santander will supply the customers seeking to hedge exposure to foreign currencies, interest rates, equities, and commodities.

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