People moves: BNP Paribas reshuffle, Tradeweb gains Pluta, and more

Latest job changes across the industry

BNP Paribas has appointed Joe Squires to the newly created role of head of developed markets rates institutional sales for the Americas – creating a minor reshuffle of roles.

Squires joined the French bank in 2009 as head of UK interest rate sales and co-head of interest rate sales for Europe, before being promoted to head of institutional G10 rates sales for Europe in 2015. For the past two years, he has been co-head of G10 rates for Europe, the Middle East and Africa and global head of G10 rates sales – having previously served as deputy head of G10 rates for EMEA between 2018 and 2020. In his new role, he will be based in New York and report to Heather Orrico, acting Americas head of global macro.

Image: Juno Snowdon

Joe Squires

A spokesperson for BNP Paribas confirms Squires’ previous institutional responsibilities will now be undertaken by Neehal Shah. Shah joined BNP Paribas in 2017 as global head of G10 FX trading before seeing his role expanded a year later to include EMEA head of FX institutional sales. As a result of the recent changes, he becomes EMEA head of global macro institutional sales. Shah reports to Francisco Oliveira and Arne Groes, co-heads of global macro and global credit.

Squires’ previous corporate responsibilities will now lie with Ashley Parker and Xavier Gallant, co-heads of EMEA corporate rates and FX sales – who also report to Oliveira and Groes.

Elsewhere at the bank, John Jenkin has been made head of prime services technology, another newly created role. He joins from JP Morgan, where he has worked as head of prime finance technology for the past two years. Prior to that, he spent more than eight years at Credit Suisse, where he was responsible for prime services – most recently as EMEA lead for flow products and trade management technology between 2016 and 2018. In his new role, Jenkin will be based in London and report to Adalbert de Broglie, CIO global markets.

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Thomas Pluta, former global head of linear rates trading and co-head of North American rates trading at JP Morgan, is to join Tradeweb as president, effective from October. Pluta left JP Morgan in July following 27 years at the bank, during which he undertook a number of roles – including overseeing trading operations for government securities, interest rate swaps, FX forwards, cross-currency swaps, interest rate options and structured products for developed markets. Since 2017, he has been a member of Tradeweb’s board of directors. JP Morgan declined to comment on Pluta’s departure or who is set to replace him.

Following Pluta’s departure, JP Morgan has restructured its fixed income unit. Gil Holmes, who has spent the past 23 years at the US bank and oversaw global non-linear and structured rates, is promoted to head of global rates trading. He continues to report to Charles Bristow, global head of rates, fixed income financing, credit portfolio trading and market resource optimisation. Matthew Franklin-Lyons is promoted to head of North American rates trading and Tom Prickett is now head of markets for new European subsidiary JP Morgan SE, based in Frankfurt, while continuing in his current role as head of EMEA rates trading.

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NatWest Markets has hired Jared Noering as head of fixed income trading. Between 2013 and 2020, Noering worked as head of linear rates and international dollars for Europe, the Middle East and Africa at Bank of America. Prior to that, he was head of international dollar rates and sovereigns, supranational and agencies (SSA) trading in London and Tokyo for Deutsche Bank for five years. He also spent more than 12 years at Merrill Lynch, including as head of international dollar trading and SSA trading in London and Tokyo between 2007 and 2008. In his new role, he reports to Simon Manwaring, global head of trading and sales.

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Photo: Geraint Roberts

Dariush Mirfendereski

Dariush Mirfendereski has left HSBC, where he was global head of inflation trading for nine years, a period in which his team was named inflation derivatives house of the year four times by Risk.net. He previously spent seven years at UBS as global head of inflation-linked trading. Prior to that, he was head of inflation derivatives trading at Barclays. An HSBC spokesperson confirmed Mirfendereski’s departure but was unable to provide details on his replacement. His departure comes as HSBC continues its risk-weighted asset reduction and redeployment drive. The bank’s global banking and markets business had shed $77 billion in cumulative gross RWAs by the end of last year, according to its 2021 strategic report.

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Jamil Nazarali has left Citadel Securities, where he was global head of business development, to become chief executive officer of EDX Markets. The new platform – a joint venture between Charles Schwab, Citadel, Fidelity Digital Assets and Virtu Financial – is designed to increase investors’ access to cryptocurrency. Nazarali has worked at Citadel since 2011 and held a number of roles, including head of execution services and senior adviser to CEO Peng Zhao. Some of his erstwhile responsibilities will now fall to chief operating officer Matt Culek, who joined Citadel as COO of execution services in 2012, having previously been an associate at McKinsey & Company. In his extended role, Culek will continue reporting to Peng Zhao.

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The Intercontinental Exchange has promoted Chris Rhodes to president of its European futures exchange. Rhodes initially joined the US clearing house in 2015 as global head of financial derivatives, a role he held for more than four years before serving as chief risk officer at Tyler Capital between 2019 and 2021. Since January, he has been working for Ice as chief operating officer. In his new role, Rhodes replaces Stuart Williams, who becomes COO of the exchange group. Williams has worked at Ice since 2014, originally joining as director of corporate development before becoming COO of Ice Futures Europe in 2016, and president of Ice Futures Europe in 2017.

Clive de Ruig has been promoted to president of Ice Benchmark Administration. De Ruig has worked at the clearing house since 2005, originally joining as global head of Ice Link before becoming global head of cross-business solutions in February 2017. In October 2017, he became COO of Ice Futures Europe. In his new role, de Ruig succeeds Tim Bowler – who will be moving into a new role focused on Ice’s clearing business in New York. Bowler had been president of Ice Benchmark Administration since 2017, having joined from Goldman Sachs, where he was a managing director in the financial institutions group. Prior to that, he was counsellor to Jack Lew during the latter’s tenure as US Treasury Secretary.

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Citi has appointed Amit Raja as regional head of markets for EMEA – succeeding Leo Arduini, who was made chief operating officer of global markets in April. Raja is currently the US bank’s head of credit markets trading in Europe, the Middle East and Africa, a role he has held since 2017, and a senior manager for global spread products trading. He joined Citi’s capital markets business in 1997 and moved to public side credit trading in 2009. In his new role, he will join the bank’s EMEA operating committee and become senior manager for markets for Citi’s UK legal entities, pending regulatory approval. In the interim, Arduini remains senior manager for markets. Citi declined to comment on reporting lines.

Simon Jones

Elsewhere at the bank, Simon Jones has been promoted to head of credit markets trading for EMEA. He is currently Citi’s head of global spread products financing and securitisation for the region – a position he has held since 2017 and will continue to hold alongside his new role. He will also take on associated senior manager responsibilities following Raja’s appointment as EMEA head of markets. Jones joined Citi in 2004 and has held several leadership positions in securitised markets trading, including co-head of the special situations trading group and head of the structured product trading desk. Citi declined to comment on reporting lines.

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Naureen Hassan is to step down as first vice-president and COO of the Federal Reserve Bank of New York, effective from September. Hassan has held the role since March 2021, having previously spent four years as chief digital officer of wealth management at Morgan Stanley. Prior to that, she was at Charles Schwab, initially as a vice-president of corporate strategy and later as executive vice-president of investor services strategy, segments and platforms. Ahead of her official departure from the Fed next year – when she will move into a senior leadership position in the private sector – Hassan has taken on an advisory role to facilitate a smooth transition. Helen Mucciolo, chief financial officer and head of the New York Fed’s corporate group, will serve as interim first vice-president and COO until Hassan’s successor has been named.

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Luis Bengoechea has been appointed deputy head of banking at the Bank for International Settlements, with his five-year term having begun on July 1. Bengoechea had been acting deputy head of the banking department since January and previously served as BIS’s head of treasury – a role in which he led the bank’s transition from Libor to new risk-free rate benchmarks. He originally joined from the private sector in 1998.

John Williams has been made chair of BIS’s markets committee for a three-year term, effective from January 2023. He currently serves as president and CEO of the Federal Reserve Bank of New York. Prior to joining the Fed in 2018, he spent seven years as president and CEO of the Federal Reserve Bank of San Francisco. Prior to that, he was executive vice-president and director of research at the San Francisco Fed, which he joined in 2002.

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Ashley Alder has been appointed chair of the UK’s Financial Conduct Authority, effective from January 2023. Alder is currently CEO of the Securities and Futures Commission of Hong Kong – a role he has held since 2011 – and chairs the International Organization of Securities Commissions. He also sits on the Financial Stability Board’s plenary and steering committees. He previously worked as head of Asia at law firm Herbert Smith. In his new role, Alder will succeed Richard Lloyd, who has served as interim chair since Charles Randell stepped down in May.

Matthew Long has become the FCA’s director of payments and digital assets – a newly created role in which he will oversee the electronic money, payment and crypto-asset markets, and lead related policy development. Long currently works for the UK’s National Crime Agency as a director in the national economic crime command, and previously led the UK Financial Intelligence Unit. He is expected to join the FCA in October.

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The European Securities and Markets Authority has re-appointed Veerle Colaert as chair of its securities and markets stakeholder group for a two-year term. Colaert has served as chair of the group for the past three years – originally joining as a member in 2016. Before that, she was a member of the Financial Services and Markets Authority’s sanctions committee for almost three years. She began her career in 2000 as a lawyer for law firm Stibbe.

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The European Structured Investment Products Association has re-elected Heike Arbter and Roger Studer as chairperson and vice-chair respectively. Arbter has been involved with EUSIPA for the past six years, having become the association’s president in 2016 before being appointed as chair of the supervisory board in 2019 for a two-year term. For the past 25 years, she has also worked at Raiffeisen Centrobank – including as a member of the management board since 2019.

Studer has served as vice-chair of EUSIPA since 2009, having begun his career in finance in 1998 as head of quantitative asset management for Swiss Life. In 1999, he became head of portfolio management and research for ABN Amro Bank before spending almost four years as president of the Swiss Structured Products Association. Between 2000 and 2019, he was head of investment banking at Bank Vontobel.

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Andrej Bolkovic has been appointed chief executive officer of the Options Clearing Corporation. He will replace John Davidson, who is set to retire in the first half of 2023. Bolkovic is currently CEO of Akuna Capital and its affiliated broker dealer Akuna Securities, a role he has held since March 2021. He previously spent more than four years as CEO of ABN Amro Clearing.

Davidson has been CEO of the OCC since 2019, having originally joined the clearing house in 2017 as president and COO. Bolkovic will officially join as CEO-elect in October and work with Davidson, the board of directors and the management committee with the aim of facilitating a smooth transition of responsibilities.