BNP Paribas appoints new head of ABS correlation trading

BNP Paribas has appointed Peter Nowell as head of asset-backed security (ABS) correlation trading within fixed income, as of October 17.

He will be based in London and report to Stephane Delacote, global head of structured credit trading and arbitrage.

Nowell joins BNP Paribas from RBS in London, where he was head of ABS correlation trading from July 2005. At RBS, he was responsible for a global ABS correlation book, covering US and European ABSs, with managed and static single-tranche transactions. Before this, Nowell spent two years at Nordea Bank in Copenhagen, trading structured credit derivatives.

 "BNP Paribas had an existing book of ABS trades, and as that develops and we look to diversify assets it becomes important to attract talent with knowledge of CDO exposure and a specific expertise in the underlying ABS space," says Delacote. "Peter’s knowledge of convexity and correlation will help to grow the team of traders dedicated to ABSs."