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BNP Paribas Bulks Up PB and Clearing

BNP Paribas Corporate and Investment Banking has made a number of appointments to its derivatives client clearing business in London and New York.

The bank says the appointments, “demonstrate the bank’s continued investment in the OTC clearing and FX Prime Brokerage space, to support client requirements in the fast-changing regulatory environment”. The derivatives client clearing business was created in November 2012, to provide OTC client clearing, FX prime brokerage and CLS third party clearing solutions to clients.

“We have already seen amazing growth in our domestic markets of France, Italy, Belgium and Luxembourg and expect this to continue as the regulatory timelines are finalised; as such, we will continue our investment in staff and the overall platform in line with our clients’ needs,” says Gavin Dixon, global co-head of FI clearing, based in London.

In London, Juha Sternberg, Giorgio Cali, Emma McGinty, Muriel de la Fargue, Diane Marsden and Grace Cole have all joined, while in New York, Pierre-Emmanuel Pomes has joined the business.

Sternberg joins from Morgan Stanley, where he was a senior salesperson on the FXPB team, prior to which he spent 11 years in JP Morgan’s FXPB and clearing business. Cali joins from Barclays, where he spent three years in that bank’s FXPM and OTC clearing business. Both men have been appointed to the fixed income client clearing sales team, reporting to Marco Baggioli, head of client clearing sales in Europe and Asia.

McGinty joins the bank’s client solutions team to head up the FXPB client documentation. She previously worked in JP Morgan’s legal team, focusing on OTC clearing and intermediation, mostly for FX. Prior to that, she was at RBS for four years.

Meanwhile, de la Fargue also joins from JP Morgan and will focus on supporting BNP’s client on-boarding efforts. She has spent almost nine years in a variety of middle office and client solutions roles across rates, credit and FX.

Both report to Louisa Kwok, European head of client solutions.

Marsden also joins from JP Morgan to head up the newly formed fixed income clearing middle office. She spent 12 years in various P&L and control roles and most recently headed up the rates PB and client clearing team. She reports to Christophe Mukerjee, global head of credit and interest rate operations.

Cole will report to Marsden and joins from Lamco Services, where she provided middle office support for the unwind of the Lehman derivatives portfolio. Prior to that, Grace had various middle offices roles at Deutsche Bank and Lehman Brothers.

In New York, Pomes joins the OTC clearing product management team. He will work to enhance BNP’s product offering in line with client requirements and CCP offerings. His is an internal appointment, having been with BNP Paribas for six years, most recently as part of the risk investments and markets team. He reports to Joe Buthorn, global co-head of FI clearing, based in New York.
“We now have a significant team of professionals dedicated to our derivatives client clearing platform and we are continuing to hire, invest and grow, which is not an industry trend in the current environment,” says Emmanuel Ramambason, global head of fixed income CVA trading and client clearing. “These recent strategic appointments demonstrate our ongoing investment in the OTC clearing and FXPB space and, as new regulation comes into effect, we are well-positioned to offer an enhanced global clearing service to our clients.”

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