Mistry joins Native American Securities

Mistry, who resigned from HSBC in Hong Kong in April, will lead the US broker-dealer’s drive to develop its derivatives operation. The move marks a return to the US for Mistry, who joined HSBC in 1993 as head of the bank’s US derivatives team before transferring to Asia in 1996.

“This is something I had been thinking of doing for some time,” Mistry told RiskNews. “For a while now I have seen increasing demand from clients who are willing to deal with smaller firms that can offer derivatives expertise and propose derivative-based solutions to investment problems. Smaller firms like Native American can add value because we can move faster, our cost structure is less restrictive, we can fill niches that have been created, and most importantly, add a more personal touch.”

The move means Mistry has had to resign as the first Asia ex-Japan representative on the International Swaps and Derivatives Association (Isda) board of directors, a position he held since early 2001. “The Isda board role is linked to membership and Native American Securities is not a member of Isda at the moment,” Mistry added.

Native American Securities is the wholly-owned broker-dealer subsidiary of Native American Financial Services Company, a financial services company majority owned by native Americans.