People moves: BAML loses two in exotics, BNPP’s global markets overhaul, and more

Alexandre Fleury, global head of exotics trading at Bank of America Merrill Lynch, and Florent Sabot, head of exotics trading for Europe, Middle East, Africa and Asia, left the bank in March, according to a source. Their departures are not related to any major reshuffling, the source says. BAML declined to comment.

Etienne Varloot has left Natixis to join the corporate and investment banking arm (CIB) of rival Crédit Agricole as global head of market and counterparty risk, Risk.net understands.

Varloot, who started on March 26, is based in Paris and reports to the chief risk officer of Crédit Agricole’s investment bank, Jean-François Balaÿ.

A spokesperson for Crédit Agricole CIB declined to comment beyond saying Eric de Lambilly – Varloot’s predecessor at the bank –  would become chief operating officer of the global markets division at Crédit Agricole CIB on April 3.

Also based in Paris, Lambilly reports to Isabelle Girolami, head of global markets, and will take a seat on the global markets executive committee. The global markets unit handles Crédit Agricole CIB’s trading activities.

At Natixis, Varloot had been head of global markets regulatory strategy and quantitative research, a position he was promoted to in December 2015. He joined the bank in 2011 as global head of market risk. Natixis declined to comment on who will replace him.

Previously, Varloot worked at the French central bank as deputy head of market and credit risk.

Varloot has made a number of comments on the new market risk capital framework, the Fundamental Review of the Trading Book (FRTB). At a conference in November 2017, he disclosed that Natixis was considering moving euro medium-term notes (EMTNs) – issued to raise funding for banks – from the banking book to the trading book, saying: “EMTN is definitely a trading instrument already.”

This raised the question of which desk would manage the funding leg of the notes, something treasury functions would typically be experienced at handling. “What is complex is how you shift back the funding to the treasury,” Varloot said. “You need to keep all market risk on the trading book because of the FRTB.”

Keith Bailey, a managing director in Barclays’ fixed-income, currencies and commodities division and a former chair of the International Swaps and Derivatives Association, left the bank at the end of January, Risk.net understands.

Bailey joined Merrill Lynch in 1987 and was appointed to the Isda board in 1997. He chaired the industry group from 2000 to 2004 before stepping down to concentrate on his role as chief operating officer of the bank’s Houston-based energy trading operation.

He left Merrill Lynch in 2007, moving to Barclays a year after. He later rejoined the Isda board, but has now also left that role. Plans for his next move are not yet known.

In recent years, Bailey was involved with the Barclays e-commerce business, looking at how regulation would affect derivatives market structure. During the post-Dodd-Frank rule-writing period, he attended a number of meetings with US regulators and legislators on behalf of Barclays and industry groups.

Len Sinclair, London-based group head of operational risk at Barclays, has left the bank, Risk.net has learned. Sinclair, who had been with the bank since October 2013, is understood to be leaving  this month. His next move is not known.

Barclays declined to comment.

Sinclair’s replacement is understood to be Patrick Moynihan, an 18-year veteran of the bank who is currently head of shared operations and chief controls officer for Barclays’ group service company, created in September 2017 to provide shared services to the group’s newly ring-fenced  UK retail bank and Barclays International.

Moynihan will be based in London and report to chief risk officer CS Venkat.

Sinclair had an initial stint at Barclays between 1990 and 1998. He then spent six years at KPMG as a partner, before moving to Royal Bank of Scotland in 2004, as director for group business improvement.

In 2008, he moved to PwC, again as a partner, for about five years, before returning to Barclays to take up the op risk chief’s role.

Moynihan’s role at Barclays’ group service company will be taken by Malcolm Brooke, currently head of international technology controls for the bank.

BNP Paribas has reshuffled its global markets business, shifting towards a sole-head structure for most business lines. The changes see the departure of Benjamin Jacquard, formerly co-head of primary and credit markets – a role he held alongside Martin Egan.

Egan, a 17-year veteran of the French bank’s capital markets business who currently chairs the International Capital Markets Association, will take on a newly created role as vice-chairman of the global markets client board. He will report to Olivier Osty, executive head of global markets.

According to a BNP Paribas spokesperson, the latest reshuffle is part of a drive for greater efficiency and faster decision making to better serve clients. It comes after the bank’s fixed-income business reported a 29% year-on-year decline in revenue in the fourth quarter of 2017, as low volatility sapped client trading activity. The changes also reflect ongoing convergence between banking and technology as digital developments affect how the bank interacts with clients, the spokesperson says.

Kieron Smith, formerly global head of derivatives execution and clearing, has been appointed deputy head of prime services and financing. Raphael Masgnaux is now the sole head of G10 rates and prime services and financing.

Cyril Cottu has been named head of digital and e-commerce for global markets sales.

Previously he was co-head of electronic market-making and commerce.

Alexandre Benech has been appointed global head of electronic trading. He was formerly also co-head of electronic market-making and commerce, while Pascal Fischer has become head of global markets for Asia-Pacific. He will relocate to Hong Kong  and report to Eric Raynaud, chief executive of BNP Paribas in Asia-Pacific, and Osty.

In addition, Risk.net understands Matthew Pinnock, head of multi-asset prime brokerage in Europe and global head of foreign exchange prime brokerage, left the bank at the end of March. BNP Paribas declined to comment.

Indrajit Bardhan, global head of prime services at Credit Suisse, left the bank at the end of February, according to a source close to the matter. Paul Galietto is taking on Bardhan’s former role, in addition to his current position as head of equities in the Americas, the source says. Credit Suisse declined to comment.

Yo Akatsuka will become global head of investment banking at Nomura from April 1, a spokesperson says. His most recent position was senior managing director for innovations and senior corporate managing director, handling business strategy and management for the retail division.

Minoru Shinohara, current global head of investment banking and co-head of wholesale banking, is retiring.

Akatsuka will report to Steve Ashley, head of wholesale and global markets, and will be based in Tokyo.

Shane Carroll, an equity derivatives strategist for Citi in Hong Kong, has left the bank, according to a source within the bank. A spokesperson for Citi declined to comment.

Carroll has previously worked as an equity derivatives strategist at Societe Generale and HSBC, and has also held roles at State Street, according to his LinkedIn profile.

The European Money Markets Institute (Emmi) has appointed Jean-Louis Schirmann as its new secretary-general. He will take over from Guido Ravoet on June 1 when Ravoet retires.

Schirmann was most recently head of the money market and liquidity division at the European Central Bank. He has worked at the ECB since 1998 and has chaired or formed part of various Eurosystem working groups.

Emmi manages European interbank benchmarks such as Euribor. These are used to price derivatives and to calculate interest rates on mortgages. Ibor benchmarks have been plagued by allegations of manipulation; some are undergoing reform while others are being phased out.

From 2020, new contracts will not be allowed to reference Euribor unless it complies with new EU benchmark regulation. Emmi is trying to shore up the rate by mixing additional data with the interbank lending volumes on which it is currently based.

Dan Hinxman has joined interdealer broker TP Icap as head of institutional sales for electronic markets. He is based in London and reports to David Perkins, global head of electronic markets.

Hinxman has previously held senior roles at Newedge, CME Group and most recently BGC Partners.

Alexander Lurye has left investment manager Citadel and is working on advisory projects including for the New York University’s Tandon School of Engineering while he is under “restricted period” – a form of gardening leave, he tells Risk.net. His most recent position at Citadel was chief data officer, and prior to that he was chief risk officer and head of global portfolio construction.

Gavin Hill has joined London Metal Exchange as a member of the global compliance team and as LME Clear’s chief compliance officer.

He leaves the World Federation of Exchanges, where he served as head of regulatory affairs.

Hill started on March 19 and reports to Kirstina Combe, head of regulation and compliance. Prior to the WFE, he spent 14 years at the UK Financial Conduct Authority, where he held several market infrastructure-related roles.

Hill’s replacement at the WFE is Richard Metcalfe. He joins the exchange association following a consulting project at BNY Mellon, where he advised on the implementation of the EU’s updated Markets in Financial Instruments Directive and on other legislation affecting the bank’s markets business.

He previously worked as director of regulatory affairs at the Investment Association, where he developed its regulatory and compliance analysis. He has also held senior roles at Isda.

At the WFE, he reports to chief executive Nandini Sukumar.

Gil Mandelzis, chief executive and founder of capital markets technology provider Capitolis, will become a non-executive director of Euronext’s US arm.

Mandelzis was formerly head of EBS BrokerTec, now part of Nex Group, and is the founder of Traiana, a post-trade processing company that was acquired by Icap. He founded Capitolis in 2017 alongside Tom Glocer, former CEO of Thomson Reuters, and Igor Teleshevsky, formerly head of technology at Traiana.

Stéphane Boujnah, chief executive and chairman of Euronext, said in a statement: “Gil will further strengthen our positioning in the US over the coming years.”

David Thorburn has resigned from the Bank of England’s Prudential Regulation Committee, which oversees its banking supervision activities. The central bank said in a statement he intended to return to the private sector.

The bank is seeking a successor.

Thorburn, a former chief executive of Clydesdale Bank, joined the Prudential Regulation Authority’s board (now known as the PRC) as one of six independent members in 2015. His term would have expired in August 2018. He is serving a three-month restriction period before taking up any new role that would not have been permitted for a serving member of the PRC.

Harvey Schwartz, president and co-chief operating officer of Goldman Sachs, will retire on April 20, the bank said in a statement. David Solomon will serve as the bank’s sole president and chief operating officer following his departure.

Schwartz has had a 20-year career at Goldman Sachs that included several senior roles. He served as chief financial officer between 2013 and 2017, prior to which he was global co-head of the securities division.

US investment bank Jefferies has promoted Brad Bechtel to global head of foreign exchange. Based in New York, he will report to Fred Orlan, global head of fixed income. He replaces Ray Kamrath, who has resigned.

Previously Bechtel was managing director of forex. He has also held positions at Faros Trading and Goldman Sachs, according to his LinkedIn profile.

Kamrath founded Faros Trading and sold the firm to Jefferies in 2015.

Saxo Bank has named Vivienne Yu as its chief executive for Greater China, as it seeks to develop its retail and wholesale business in the region, it said in a statement.

Yu most recently served as China chief executive at Commonwealth Bank of Australia. Before that she worked at Bank of Hangzhou as head of retail and business banking.

She joined on March 15 and is based in Hong Kong.

Insurance broker Aon has hired Mike Edwards as a partner in its risk settlement team in the UK. Based in London, he will report to Martin Bird.

Edwards most recently worked at Scottish Widows as head of origination and structuring. He has also worked in Legal & General’s bulk annuity team, where he developed a range of measures to support pension scheme de-risking.

The Alternative Investment Management Association (Aima), a hedge fund trade body, has appointed Claire Van Wyk-Allan as its new head of Canada.

Van Wyk-Allan was most recently business development manager at RBC Global Asset Management and also previously worked at Arrow Capital Management.

She has been an active member of Aima for almost a decade and has served on the Aima Canada board since 2014.

Aadarsh Malde has joined hedge fund Point72 as a macro portfolio manager in London. He previously worked at Tudor Investment Corporation, according to his LinkedIn profile.

Peter Williams is also set to join Point72, according to a source familiar with the matter. His most recent position was portfolio manager at Balyasny Asset Management, his LinkedIn profile shows.

The Financial Services Roundtable is to merge with the Clearing House Association. Greg Baer, currently president of the Clearing House Association, will become chief executive of the new organisation. Tim Pawlenty, chief executive of the Financial Services Roundtable, has announced plans to leave.

The Financial Services Roundtable represents major US banking and payment companies. The Clearing House Association is owned by the country’s main commercial banks, and dates to 1853. The two lobbying groups hope their merger will help boost the influence of the biggest US banks on national policy.

Additional reporting by Helen Bartholomew, Lukas Becker and Tom Osborn