Rustad re-emerges at Taula Capital

Former JP Morgan clearing head to help prepare for Q2 fund launch

Nick Rustad
Photo: JP Morgan

Nick Rustad, the former derivatives clearing head at JP Morgan, is headed to the buy side following a 20-month break from the industry. 

The clearing veteran is set to join Taula Capital Management, a start-up global macro and fixed income relative value hedge fund, according to a LinkedIn post. 

Based in London, Taula Capital Management was founded in June 2023 by Millennium Capital portfolio managers Diego Megia and Norbert Aul. Rustad will work closely with the founders to prepare the fund for its planned launch during the second quarter. 

Rustad took a leave of absence from JP Morgan in May 2022, having headed the US bank’s derivatives clearing operation for more than six years. At the time, the derivatives clearing baton was handed to Emma Richardson, with Rustad expected to return to the bank in a new role. 

During his time running the clearing business, Rustad was a vocal advocate for clearing reform, calling for improved model calibration for listed derivatives following a surge of margin breaches during the March 2020 futures market meltdown, as well as fairer balance sheet treatment for cleared derivatives positions.

Prior to joining the clearing business, Rustad was an interest rate derivatives trader at JP Morgan in Europe, the Middle East and Africa emerging markets, and spent two years in Moscow as treasurer of JP Morgan’s local entity, running the branch’s balance sheet from 2008 to 2009. 

In August 2020, Rustad was appointed chair of the board of the Futures Industry Association, a role he held until June 2022. He was also a non-executive board member at LCH as a shareholder representative, and a member of the remuneration sub-committee from 2021 to 2022. 

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