The timing worked well for Klaus Oppermann ( pictured ). He left the University of Hamburg to join Bayerische Hypotheken- und Wechsel-Bank (now HVB) as a graduate trainee in 1989, when the structured products market was in its infancy. His Bachelor and Masters degrees in business administration, with a specialism in finance and international management, meant he was well placed to join the bank's securities division. When he began his career at HVB, Black-Scholes was not applied in options trad

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