JP Morgan taps Holmes to lead global rates trading

Management shake-up also sees Matthew Franklin-Lyons named head of North American rates trading

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JP Morgan has promoted Gil Holmes to head of global rates trading and elevated Matthew Franklin-Lyons to run North American rates trading as part of a wider restructuring of its giant fixed income unit.

The bank’s vanilla and exotic rates trading activities will be consolidated under Holmes, a 23-year JP Morgan veteran who previously oversaw non-linear and structured rates globally.

His promotion follows the departure of Thomas Pluta, the former global head of linear rates trading and co-head of North American rates trading, who left JP Morgan in June to become president of Tradeweb.

A spokesperson for JP Morgan confirmed the appointments.

As head of global rates, Holmes’s remit expands beyond exotic instruments such as swaptions to include interest rate swaps and other linear products, which were previously overseen by Pluta. The new structure aligns JP Morgan’s North American business with the way the bank’s rates trading desks are structured in other parts of the world, at a time when traders are navigating an explosive period of rates volatility as central banks ramp up the fight against soaring inflation.

Holmes will continue to report to Charles Bristow, the bank’s London-based global head of rates, fixed income financing, credit portfolio trading and market resource optimisation.

In London, Tom Prickett remains head of Europe, Middle East and Africa rates trading, in addition to his role as head of markets for the bank’s new European subsidiary JP Morgan SE, which is based in Frankfurt. In Asia, developed market rates are led by Ville Vaataja, who also has regional responsibilities for financial institutions financing and credit.

Holmes was one of JP Morgan’s top performers in 2021, earning the bank around $300 million from inflation trading, according to a report in Bloomberg. He also sits on the Treasury Borrowing Advisory Committee, a panel of financial industry executives who advise the US government on technical debt management issues and the macro outlook.

Franklin-Lyons joined JP Morgan in 2009 as a graduate and worked on the rates options trading desk. He was promoted to managing director in 2020.

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