Indosuez WI Carr Securities appears to have settled an embarrassing rift with its futures execution team, which led to an employee walkout last week. Managing director Nakhli Zeidan, head of the derivatives team, said all but one member of the eight-man futures team had returned to work yesterday. Traders said the team had secured a substantial salary increase but Mr Zeidan declined to comment. 'The team has not been rehired because they never resigned in the first place,' Mr Zeidan said. He said that the dispute had centred on a 'disagreement about how they should work'. WI Carr sources said the team had resigned because of complaints about working conditions but had reached a new arrangement with the company on Friday night. Mr Zeidan said there was no link between the dispute and unusual trading in the futures market last Thursday. 'People are confused because it coincided with the volatility on the exchange but it was unrelated,' he said. He said negotiations with the team had been held throughout last week. 'It was just a coincidence that it coincided with a week that there were lots of volumes in the exchange,' Mr Zeidan said. There were rumours that the team was set to defect to a US company keen to establish a futures broking presence in Hong Kong. WI Carr is an active player in the futures market, with a comparatively big execution team. Mr Zeidan said WI Carr had increased its share of the futures market in the past year. Business would not be damaged by the dispute, he said. He said relations between management and the execution team were now healthy. Competitors said that WI Carr had been faced with the unenviable prospect of having to assemble a new trading team as quickly as possible if the dispute had not been solved. 'They would have had lots of trouble buying an entire team especially when everybody would have known they were desperate,' a trader said.