People: Ramambason joins StanChart as head of XVA

Head of financial markets leaves StanChart; SocGen management shuffle; Lake leaves HSBC


The former head of the global markets valuation adjustments (XVA) team at BNP Paribas, Emmanuel Ramambason, has joined Standard Chartered in London as head of XVA, a spokesperson for the UK investment bank has confirmed to

London-based Ramambason departed from BNP Paribas in December last year after one year in the role.

XVA is an umbrella term for the growing family of valuation adjustments that is now applied to over-the-counter derivatives trades, covering counterparty risk, funding costs and benefits, and capital requirements.

At Standard Chartered, Ramambason reports to Neh Thaker, global co-head of foreign exchange, rates and credit, who joined the UK investment bank in this newly created role in September. The bank's XVA desk was set up in late 2015 by Bikash Sarangi, head of credit solutions.

The creation of the XVA team preceded a $712 million revaluation loss, which was due to the bank changing the way it calculated counterparty risk. The change belatedly brought Standard Chartered in line with practices that had been used at other dealers for a decade or more.

Ramambason began his career with Paribas in 1990 as a quantitative analyst in Paris, moving on to a number of roles at the expanded bank after the merger with BNP in 2000. While at the French bank, Ramambason had also sat on the board of the International Swaps and Derivatives Association on its behalf.


In other news, Singapore-based Jonathan Paul, former global head of financial markets at Standard Chartered, left the bank on September 30 to pursue other interests.

Paul first joined Standard Chartered in Singapore on April 7, 2015. In 2008, he founded hedge fund Ardmore Park Capital and held the position of chief executive and chief risk officer.

Singapore-based Neh Thaker and London-based Chris Allington, global co-heads of forex, rates and credit have stepped in to Paul's position on an interim basis. They report to Simon Cooper, chief executive of corporate and institutional banking.

Both Thaker and Allington had been appointed global co-heads of forex, rates and credit in December 2015, after Nitin Gulabani left the bank as global head of forex, rates and credit.


BNP Paribas has promoted London-based Emmanuel Dray to the position of global head of equity derivatives institutional sales and equity derivatives linear trading.

Dray has taken the position in addition to his previous responsibilities as global head of flow equity derivatives. A spokesperson for the French bank did not say where those additional responsibilities lay before Dray's promotion. He stepped into the new role towards the end of September and continues to report to Nicolas Marque, global head of equity derivatives.

BNP Paribas' equity derivatives team, of which Dray is a part, won the equity derivatives house of the year award at the 2016 Risk awards.


Nomura has hired Wissam Farah, formerly head of central and Eastern Europe, Middle East and Africa investor sales at Citi, as head of global markets sales, Europe, the Middle East and Africa (Emea).

Farah is based in London and reports to Yutaka Nakajima, head of global markets, Emea. He joined the Japanese investment bank on October 7.

While Farah was at Citi, he was also head of markets and security services for the Middle East and North Africa.


Deutsche Bank has promoted New York-based Sandra Francisco as head of platform sales for listed derivatives and markets clearing in North America.

Francisco was promoted to the newly created position on October 7 and continues to report to George Maganas, head of North America for listed derivatives and markets clearing, as well as Harvey Twomey, global head of sales for listed derivatives and markets clearing.

Before the promotion, Francisco had been a director in prime brokerage and clearing sales. She first joined Deutsche Bank in 2008 from Goldman Sachs, where she was a vice-president in prime brokerage sales.


London-based Spencer Lake has left HSBC as vice-chairman of global banking and markets.

Lake, who departed from the UK investment bank in September, has been with HSBC for 10 years, first joining as global head of debt capital markets in 2006. He had been appointed to the position of vice-chairman of global banking and markets in March of this year.


Sadia Ricke, Hong Kong-based head of global finance for Asia-Pacific at Societe Generale, has been appointed as chief country officer for the UK.

Ricke will report to Thierry D'Argent and Sylvie Remond, co-heads of coverage and investment banking. She will move to London for her new position, which she will begin from January 1, 2017.

She will replace Paris-based Ian Fisher, who on October 1 became head of the culture and conduct programme.

Fisher, who reports to Frédéric Oudéa, chief executive of Societe Generale, will maintain his role as group country head for the UK and head of the coverage and investment banking division in the UK until the end of 2016.

Meanwhile, Stephen Swift, deputy head of global syndicate, will become head of global finance for Asia-Pacific on January 1, 2017.

In Hong Kong, Swift will report to Hikaru Ogata, chief executive of Societe Generale in Asia-Pacific, and Pierre Palmieri, global head of global finance.


The Securities and Exchange Commission (SEC) has appointed Jane Norberg to permanently fill the role of chief of the office of the whistleblower.

Based in Washington, DC, Norberg had stepped into the role on an interim basis following the departure of former chief, Sean McKessy, in July.

Norberg reports to Victor Valdez, managing executive in the enforcement division.

In 2012, Norberg became the first deputy chief of the office of the whistleblower.

The purpose of the office, created by the Dodd-Frank Act in 2010 and later established in 2011, is to encourage the reporting of fraud and other violations of securities law.


London-based Alex Lenhart, formerly head of European prime derivatives at Credit Suisse, has joined the Singapore Exchange (SGX) as UK country manager and head of sales for Europe and the US.

Lenhart stepped into the position on October 3 and reports to Rama Pillai, a senior vice-president for marketing and sales.

Before joining SGX, Lenhart had left Credit Suisse's prime derivatives team in June. He had first joined the Swiss bank in July 2009, working in prime services and later became head of European prime derivatives in 2012.


The Depository Trust & Clearing Corporation (DTCC) has appointed Timothy Keady as managing director of DTCC solutions as well as sales and solution delivery.

Boston-based Keady will report to Mike Bodson, the president and chief executive of DTCC. His appointment was effective as of October 18 and he will replace Donna Milrod, who will leave the firm in November.

Keady will also take on this new role while maintaining his current role as chief client officer.


R.J. O'Brien, a Chicago-based futures brokerage and clearing firm, has hired Daniel Staniford, former managing director for rates sales at Citi, as an executive director responsible for the firm's institutional business development in New York and London.

Staniford stepped into the role on October 17 and reports to Gerald Corcoran, the chairman and chief executive. He is based in New York but will travel regularly to London.

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