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    • 1 Summary of People Moves 4Q 2008 3Q ‘Derivative News’ is a free summary of people and market news within Fixed Income Derivatives. CONTENTS Edited by Nicholas Scott International Limited – Financial Executive Search • Page 1 Introduction Introduction Total Derivatives STATE OF FLUX Financial Comment It goes without saying that conditions in the rates market are extraordinary and have never been tougher. But the best people remain in demand – and a number of insitutions are making strategic hires whilst the • Page 2 - 5 market is in a state of flux. People Moves. • Page 6 - 9 Christian Robbins, Director Executive Derivative Search, Nicholas Scott International. Financial Comment • Page 9 Financial Comment Nicholas Scott RATING THE RATES BUSINESS • Rating the Rates business • The main winners • Mixed Fortunes in Exotics • The migration to inflation • Strategy derivatives – a new generation product • Consolidation to come The Interest Rate Derivatives business has always been a big contributor to investment banking profitability. With Credit Derivatives in turmoil, the market’s importance is rising again. Total Derivatives, in association with Euromoney, polled the market to find out who is the best breed in rates. And Ronan O’Neill spoke to senior rates professionals at the leading banks to ascertain the challenges and opportunities they face. Rating the Rates business The Interest Rates business is the single-biggest revenue source in the Investment Banking industry. Rates revenues exceeded those of the Credit business even during the Credit bubble years. But now that Credit revenues have collapsed – and in fact have turned negative – the rates business is all the more critical. For under-capitalised banks that have over-invested in the Structured Credit business, the performance of their rates business is the key to survival. When the credit crisis first hit, rates revenues held up remarkably well, supported by increased volatility, wider bid-offer spreads and the structural curve steepening that was prevalent across the industry. But in March 2008, after the Bear Stearns rescue, the market became much more challenging. Trading conditions in rates have become increasingly illiquid, dealers have widened bid-offer spreads further and clients have become increasingly wary. Continued on Page 6 1
    • 2 Page 2 of 8 Aerion Fund Management, Ldn Alliance Bertnstein, NY ATP, Copenhagen has hired has hired has hired David Brickman from Mark Azzorpardi from Caroline Keegan from Lehman Brothers, London BNP Paribas, London Danske Bank, Copenhagen As Head of Credit as Portfolio Manager as Senior Treasurer Bank of America, New York Barclays Capital, Hong Kong Barclays Capital, London has hired has hired has hired Manav Sharma from Chak Wong from Francois-Xavier Bouitillier from ABN AMRO, New York UBS, Hong Kong Deutsche Bank, London As Interest Rate Vol Trader as MD, Head of Structuring Asia as Government Bond Trader Barclays Capital, London Barclays Capital, London Barclays Capital, New York has hired has hired has hired James Dumbell from Sabri El Jailani from Stephen Callahan RBS, London SocIete Generale, London As Emerging Markets Rates Trader as Interest Rate Trader as US Government Bond Trader Barclays Capital, New York Barclays Capital, New York Barclays Capital, New York has hired has hired has hired Mike Goldman Stephen Croppper from Charlie Parkhurst from Merrill Lynch, New York Archeus Capital Management, NY As US Agency Trader as Interest Rate Vol Trader as MD, Head STRIPS Trading BNP Paribas, Frankfurt BNP Paribas, London BNP Paribas, London has hired has hired has hired Nils Witte from Frederic Massey from Tim Sayers from Citigroup, Frankfurt Deutsche Bank, London Citigroup, London As Fixed Income Deriv Marketer as Rates Derivative Trader as Rates Derivative Trader BNP Paribas, New York BNP Paribas, New York Citigroup, London has hired has hired has hired Rajesh Bhandula from Young Namkung from Jason Cohen from ABN AMRO, New York Credit Suisse, New York Bear Stearns, London As Rates Derivative Marketer as Rates Derivative Trader as Rates Derivative Trader Citigroup, London Citigroup, London Citigroup, London has hired has hired has hired Mark Fleischman from Philippe Gedeon from Martijn van der Vlugt from Bear Stearns, London Daiwa SMBC, London Credit Suisse, London As Rates Derivative Marketer as Rates Derivative Marketer as Rates Derivative Marketer Common Bank Australia, Sydney Credit Suisse, London Credit Suisse, London has hired has hired has hired Dean Scott from Dimitri Desquiens from Ferry Jacob from TD Securities, Sydney Societe Generale, London ABN AMRO, London As MD, Head of Rates Trading as Rates Derivative Marketer as Rates Derivative Structurer 2
    • 3 Credit Suisse, London Credit Suisse, London Credit Suisse, New York has hired has hired has hired Mark Smyth from Mark Stephenson from Alan Mittleman from ABN AMRO, London ABN AMRO, London Bear Stearns, New York As Inflation Derivative Trader as Government Bond Trader as Rates Derivative Trader Cura Capital, New York Danske Bank, Copenhagen Deutsche bank, Frankfurt has hired has hired has hired Michael pintar Matthew Cross from Eike Lange from Goldman Sachs, London Merrill Lynch, Frankfurt As Portfolio Manager as Rates Derivative Marketer as Rates Derivative Trader Deutsche Bank, London Deutsche Bank, London Deutsche Bank, London has hired has hired has hired Paisley Arnold from Andy Kent from Kamini Mistry from Citigroup, London Credit Suisse, London Citigroup, London As Rates Derivative Marketer as Rates Derivative Trader as Rates Derivative Marketer Deutsche Bank, London Deutsche Bank, London Deutsche Bank, New York has hired has hired has hired Joseph Mouawad from Sakse Orstavik from Massimo Tassan-Solet from JP Morgan, London Barclays Capital, London Goldman Sachs, New York As Rates Derivative Trader as Inflation Linked Trader as MD, Hd US Rates Vol Trading Deutsche Bank, Tokyo Drawbridge Capital, London Dresdner Kleinwort, Tokyo has hired has hired has hired Yuko Uzawa from Paul Langley from Toru Hirose from ABN AMRO,Tokyo Peloton Partners, London Lehman Brothers, Tokyo As Risk Manager as Portfolio Manager as Rates Derivative Strategist F & C Asset Management, London Fih Erhvervsbank A/S, Copen GLG Partners, London has hired has hired has hired Jeroen Wilbrink from Mads Larsen from Jamil Baz from Citigroup, London Danske Bank, Copenhagen PIMCO, London As Portfolio Manager as Portfolio Manager as Chief Investment Strategist Goldman Sachs, London Goldman Sachs, London Goldman Sachs, London has hired has hired has hired George Dramitinos from Carlos Flores from Paul Surtees from Morgan Stanley, London Deutsche Bank, London BNP Paribas, London As Rates Derivative Trader as Rates Derivative Structurer as Rates Derivative Marketer Goldman Sachs, New York Goldman Sachs, New York Goldman Sachs, New York has hired has hired has hired Gautam Khanna from Peeyush Misra from Carsten Schwarting from Wachovia, New York Bear Stearns, New York Bear Stearns, New York As Rates Derivative Trader as MBS Trader as Rates Derivatives Trader Goldman Sachs, New York Goldman Sachs, Tokyo Goldman Sachs, Tokyo has hired has hired has hired Bart Sokol from Hiroyasu Oshima from Yuichiro Shinozaki from RBS Greenwich, Greenwich Barclays Capital, Tokyo Barclays Capital, Tokyo As Rates Derivative Trader as Rates Derivative Marketer as Rates Derivative Marketer 3
    • 4 Page 4 of 9 Page 4 of 9 HBoS, London HBoS, London HBoS, London has hired has hired has hired Thierry Fivaz from Tim Holder from Richard Pattison from Merrill Lynch, London Wachovia, London Bank of America, London As Rates Derivative Marketer as Rates Derivative Marketer as Rates Derivative Trader HBoS, Sydney HSH Nordbank, Kiel ING Bank, Singapore has hired has hired has hired Michael Peric from Stefan Hachmeister from Masaki Ito from CBA, Sydney West LB, Dusseldorf ABN AMRO, Singapore As MD, Head of Derivative Trading as MD, Hd Rates Trading & Structuring as Rates Derivative Trader Lehman Brothers, Tokyo Lloyds TSB, London Merrill Lynch, London has hired has hired has hired Nicholas Fanchon from Lara Ette from Richard Arkell from UBS, Tokyo ANZ Banking Group, Sydney Peloton Partners, London As Rates Derivative Trader As Rates Derivative Trader as Rates Derivative Trader Merrill Lynch, London Merrill Lynch, New York Merril lynch, New York has hired has hired has hired Arup Ghosh from Thomas Luke from Michael Nierenberg from Bear Stearns, London Deutsche Bank, New York JP Morgan, New York As Rates DerivativeTrader as MD, Rates Derivative Structurer as MD, Global Head Mortgages MF Global, New York Morgan Stanley, London Morgan Stanley, London Has hired has hired has hired Larry Rascio from Marcus Hiseman from Yannis Theodorakakos from Bear Stearns, New York Merrill Lynch, London Societe Generale, London As Portfolio Manager as Rates Derivative Marketer as Rates Derivative Trader Morgan Stanley, London Nomura, London Nomura, New York Has hired has hired has hired Arjun Viswanathan from Bernard Diringer from Surat Maheshwari from Lehman Brothers, London RBS, London Dresdner Bank, New York As Rates Derivative Trader as Rates Derivative Trader as Head of Private Placements Nomura, New York Nordea, Copenhagen PIMCO, Newport Beach Has hired has hired has hired Edward Takvor from Michael Viller-Villadsen from Gang Hu from ABN AMRO, New York Danske Bank, Copenhagen Deutsche Bank, New York As Rates Derivative Trader as Rates Derivative Marketer as Portfolio Manager RBC Capital Markets, London RBC Capital Markets, London RBC Capital Markets, London has hired has hired has hired Warren Butler from Greg Mackay from David Parkinson from Bayerische Landesbank, London Citigroup, London Barclays Capital, London As Rates Derivative Trader as Rates Derivative Trader as MD, Head of UK Rate Sales 4
    • 5 RBC Capital Markets, London RBS, Hong Kong RBS, London Page 6 of 8 has hired has hired has hired John Wraith from Rubin Rajendram from Mark Greenwood from RBS, London Credit Suisse, Hong Kong Citigroup, London As Head of UK Rates Development as Rates Derivative Trader as Rates Derivative Trader RBS, London RBS, London RBS, Singapore has hired has hired has hired Andrey Pogudin from Tim Sillitoe from Scott Cousins from Deutsche Bank, London Barclays Capital, London Merrill Lynch, Singapore As Rates Derivative Strategist as Rates Derivative Trader as FX Derivative Trader RBS, Singapore RBS, Singapore RBS Greenwich, Chicago has hired has hired has hired Ian Emmett from Richard Summerbell from Eric Hiller from London Diversified, Singapore Barclays Capital, Singapore Bank of America, Chicago As Proprietary Trader as Head Curren cy Structuring as Rates Derivative Trader RBS Greenwich, Greenwich RBS Greenwich, Greenwich Santander GBM, London has hired has hired has hired Scott Eichel from Aroen Ramnathsing from Ben Gent from Bear Stearns, New York ABN AMRO, New York Bank of America, London As MBS Trader as Rates Derivatives Trader as Rates Derivative Trader Santander GBM, London Santander GBM, Madrid Societe Generale, Paris has hired has hired has hired Jonathan Meenaghan from Benoit Gilles-Cambier from Thomas Demarque from Bear Stearns, London Standard Chartered, Singapore Calyon, Paris, As Rates Derivative Trader as Rates Derivative Trader as Rates Derivative Trader Standard Chartered, Hong Kong Standard Chartered, Hong Kong Standard Chartered, Hong Kong has hired has hired has hired Zhang Hao from Duan Yang from Liu Xi from Bear Stearns, Hong Kong Bear Stearns, Hong Kong BNP Paribas, Hong Kong As MD, Rates Derivative Marketer as MD, Rates Derivative Marketer as MD, Rates Derivative Marketer Standard Chartered, New York Swiss Re, London TD Securities, London has hired has hired has hired Akbar Moolji from Justin Excell from Paul Glands from Natixis, New York Nylonm Capital, London JP Morgan, London As MD, Rates Derivative Trader as MD, Global Head Rates as Rates Derivative Trader UBS, London UniCredit, London UniCredit, London has hired has hired has hired Carsten Kengeter from T J Lim from Igor Zjalic from Goldman Sachs, Hong Kong Newsmith Financial Solutions Bear Stearns, London As MD, Global Head FICC as MD, CoHd Financial Markets as Rates Derivative Trader Wells Fargo, Chicago has hired Tad Gray from Bank of America, Chicago As MD, Rates Derivative Marketing Nicholas Scott International Limited believes that the information herein was obtained from reliable sources, but does not guarantee its accuracy 5
    • 6 Financial Comment Contd. In all, 2008 has been the most challenging year for the rates business since fixed-income derivatives rose to prominence in the late 1980s. Profitability in the rates business has not been wiped out, as it has been in credit. But banks are reeling under the pressures of lower risk appetite, reduced leverage and dwindling capital. Amidst the carnage, there are opportunities – and success stories. Against this background, Total Derivatives, in conjunction with Euromoney, conducted its global fixed-income derivatives rankings. The poll is the largest and most comprehensive peer review of investment bank performance in interest rate derivatives. There were 831 individual responses to the survey, registering a total of almost 2,500 votes. Senior professionals involved in trading, sales and marketing, structuring and strategy at investment banks formed the largest group of respondents, with portfolio managers at hedge funds and traditional asset managers also taking part. The results show that the leading market-makers with best access to two-way flows from a wide range of clients, and those that can manage risk most effectively in an extreme environment, have capitalized on the experience of 2008 to strengthen their dominance. The most prominent underperformers in this survey are the independent US investment banks: only Goldman Sachs made it into the top 10 overall, in seventh position. The main winners JPMorgan was the standout winner of the poll. The bank came in first overall by a significant margin and was the only bank to appear in the top three in all five global product categories. By currency, JPMorgan was first in US dollars, second in euros behind Deutsche Bank and second in yen behind MUFG. Chris Willcox, head of global rates trading at JPMorgan, says: “We have deepened relationships with clients in 2008 through unparalleled support during volatile markets. Our strength is an ability to deliver global coverage and scale with local knowledge and expertise.” He adds: “The past year has demonstrated that clients see consistent liquidity provision to be absolutely vital. A number of dealers have responded by withdrawing their liquidity from their clients and the interbank market. But JPMorgan believes that one of its core strengths is the ability to determine an appropriate market level and provide liquidity to the market, even in very challenging conditions.” JPMorgan sees 2008 as an opportunity to extend its franchise. “As and when the market normalizes,” says Willcox, “we expect to have significantly extended our client base, market share and reputation as the top rates derivatives house.” With regard to the Bear Stearns acquisition, Willcox notes that the investment bank “had penetrated a number of markets very successfully”. By incorporating Bear’s relationships into the JPMorgan franchise, the bank has “further extended our client base both in terms of sectors and geographic coverage.” He adds, however, that, “the most valuable asset is the Bear Stearns talent”. Deutsche Bank, increasingly JPMorgan’s only rival for the position of leader of the global rates business, came second in this survey but dominates the euro results. Wayne Felson, European head of rates at Deutsche, notes that the bank “has always maintained a good balance between vanilla and structured products with a focus on e-commerce and client solutions” and that this approach has worked “particularly well in this market environment”. He adds that “the requirements of our clients may be quite different than before the crisis,” and that the “product focus has shifted towards the more liquid spectrum”. “Market access and liquidity provision is clearly becoming much more important,” he adds, “especially as several dealers pull back due to internal issues.” Mitsubishi UFJ Securities was voted overall number one in yen rates in the poll and was the only bank to appear in the top three in all five yen product categories. It has been a banner year for yen rates derivatives in 2008, says Hiroyoshi Sakamoto, Tokyo-based head of rates trading at MUFG. "We had updated our risk architecture, pricing systems and analytics before the crisis hit," says Sakamoto. “MUFG is one of the firms which possesses world-class derivatives capabilities, coupled with a massive domestic franchise in Japan.” 6
    • 7 MUFG is now working to "introduce more sophisticated derivative solutions to our clients," Sakamoto notes. "Deeper pockets and larger risk appetite than the US and European investment banks will allow us to further capitalize on higher-margin derivative products.” Sakamoto highlights “the explosive growth of our hedge fund franchise” in yen rates during 2007 and 2008. “We constantly hedge sizeable government auctions and large structural flows and shifts in our domestic clients’ asset allocation,” he says. “That domestic franchise in derivatives and also in on-balance-sheet products has allowed us to penetrate the international community,” principally hedge funds. BNP Paribas performed well across the survey and came out top in exotics globally, nudging JPMorgan into second place. BNP Paribas was also ranked first in euro inflation products. Kara Lemont, head of rates and FX structuring, EMEA, says that in recent years the bank has worked hard to build its business “not only in exotic inflation products where we have traditionally been a market leader, but also in the flow inflation derivatives business”. Given headline CPI data of 4% in the eurozone and 5% in the US, it is no surprise that clients are increasingly focusing on inflation-linked products to take positions and manage their risk. The combination of strength in flow and exotic inflation business means BNP Paribas is very well positioned to offer clients “comprehensive derivatives solutions to meet the demands of the inflationary environment”, says Lemont.. She acknowledges that the inversion of the euro curve has been tough for the large number of investors in the steepening positions via CMS steepeners, range accruals and similar products. Still, “the steepener was the rational position to put on ahead of an economic slowdown,” Lemont says, adding that many investors – especially Asian investors – participated in the sustained steepening of the US dollar curve in late 2007 and early 2008. Mixed fortunes in exotics Interest in exotic rates remains relatively healthy, says Lemont, and the exotics sector has not suffered a blow to its reputation as it did during the sell-off of 1994. Lemont highlights the fact that investor losses in 1994 were “not only because of market conditions but also because of mis- selling on the part of banks”. Some investors had risked and subsequently lost all of their capital. But in 2008, exotic rate structures are, almost without exception, principal-protected to maturity. Deutsche’s Felson believes the reputation of certain rates exotics desks has been damaged “due to the magnitude of the rumoured losses in a product that typically had stable risk management”. However, Deutsche Bank’s exotics desk “escaped virtually unscathed from this,” Felson says, while “our flow desks were major providers of liquidity to the market.” JPMorgan’s Willcox adds: “Investors in exotic products are well aware of the risks that such products entail, and while some areas of the structured product market have slowed, other products have taken their place. One potential challenger to the top tier is the combined Royal Bank of Scotland and ABN Amro. Steve Ashley, global head of delta trading at RBS, is busy working on the integration of the banks’ rates businesses. The combined RBS/ABN has a strong starting position: it was voted top sterling derivatives house, with BarCap its only serious rival in the poll. “RBS sees a real opportunity to build its market share through the integration of ABN,” says Ashley. Combining the franchises “means clients will have access to an even greater pool of expertise,” he notes. “We have achieved wider geographic coverage thanks to our acquisition of ABN Amro's wholesale banking business, and, “naturally, as a result of this, have access to a broader client base worldwide”. Ashley believes the bank can apply sterling-related expertise to the euro markets, including how to take advantage of an inverted curve. “RBS has been dealing with an inverted sterling yield curve for some time,” he says “and so we feel confident we have the experience and tools required to help our eurozone customers exploit opportunities in an inverted yield curve environment.” The migration to inflation Clients are migrating to inflation products to protect themselves in the present environment – and the banks are competing to provide liquidity and the best hedging solutions. Barclays Capital came out on top in the inflation products section of the Total Derivatives dealer rankings. The bank was voted number one in dollar inflation products, number two in euro and sterling inflation and came fourth in yen inflation. 7
    • 8 “Barclays has a true commitment; inflation is at the foundation of our firm,” says Ralph Segreti, inflation-linked and rates total return product manager. Segreti acknowledges that 2008 has been an exceptionally challenging year because of the “increase in market volatility, and the decrease in liquidity.” He says “the UK market presents a unique challenge, as interdealer volumes are down 50% from last year's levels.” That said, he adds: “Given the rise in inflation expectations, and the broad-based fears that come with that, interest from both individual and institutional investors is way up.” But banks are still innovating and “opportunities remain for those, like us, who have been able to adapt.” In particular, there are great opportunities in emerging market inflation, Segreti notes. On the issuer side especially, “it is obvious that growth will come from emerging market countries,” he says. In the developed markets, Segreti talks of BarCap executing “significant non-linear trades for hedging purposes”, as well as “large European basis trades”. The bank has “facilitated large UK trades in these very difficult times, was at the centre of the hedge fund deleveraging in the US, and helped launch the first ever CPI deposit account program for a Japanese bank”. As for clients, “we will continue to see new entrants to the inflation markets going forward,” he predicts. On the investor side, “people have realized that they can't always chase high returns, without putting some layer of insurance in their portfolio. Inflation enhances diversification, and protects the real value of accumulated wealth. We will see more interest from high-net-worth individuals, as well as increased investment from retail savers.” On the borrower side, BarCap expects to see “an increase in interest from corporate treasurers looking to hedge exposures on their balance sheets”. Deutsche’s Felson agrees that the rise of inflation suggests a migration to inflation-linked products. “There is clearly much greater focus on inflation risk across the client spectrum” he says, adding, however, that “much inflation activity is closely tied to the credit markets and has been impacted in 2008”. Specifically, “inflation has been sourced in part from project finance deals where the underlying credit was typically wrapped by a monoline”. With the monolines beset by ratings downgrades and other problems, the wrapping business has effectively ground to a halt. “Inevitably, we will see more demand for index-linked bonds, inflation swaps, and inflation derivative structures,” says JPMorgan’s Willcox. “The challenge will be to find issuers of inflation-linked products.” However, “the growth of visible, liquid and tradeable inflation markets have enhanced the inflation asset class. The growth of observability in the asset class allows the beneficiaries of higher inflation to be more responsive to moves higher in inflation expectations. This will help provide a better balance to the supply demand dynamic.” Ashley at RBS notes that in previous periods of heightened inflation, “the ability to hedge was extremely limited. Global index-linked markets have since been developing in a period of relatively benign inflation. For the first time now we have a situation where inflation protection is at a premium, the product is available and demand is high and the market's ability to deliver is being fully tested. A wider and wider range of clients is turning to inflation products for their hedging needs,” he adds. “Whereas it was once the preserve of a handful of industries, dominated by utilities, we now see opportunities for a breadth of sectors.” In Japan, the inflation derivatives market is relatively new but the banks are expecting rapid development. “Hedge funds were the initial drivers of the inflation market,” says MUFG’s Sakamoto, adding that “we focused considerable resources towards assisting our domestic client base enter this market”. The domestic clients (many of which were already investing in US TIPS and euro-linkers) have entered the JGB inflation market "in full force”, Sakamoto says, “and turnover with domestics is on a par with that of hedge funds and proprietary trading desks". MUFG undertakes the most comprehensive survey of long-term inflation expectations in Japan. "This year’s survey [yet to be released] indicates long-term inflation expectations to be 1.57%," notes Sakamoto. “These heightened expectations have led us to market tailor-made inflation solutions to our retail and institutional client base. This will lead to growth in non-governmental inflation-linked issuance and will further develop and mature the inflation derivatives market in Japan." Strategy derivatives – a new generation product How can investors profit if the trading environment evolves in unpredictable ways, as has happened in 2008? Lemont says the answer lies in what BNP Paribas calls “strategy derivatives”. These are a new generation of products that bear some resemblance to hedge fund replication tools and are sometimes referred to as strategic algorithms, proprietary algorithms or index algorithms. Strategy derivatives reflect rule-based trading strategies, either generic or specifically tailored to investors’ requirements. They help investors to “diversify and to achieve uncorrelated returns,” says Lemont, and the risk-reward characteristics are superior to classic structured products. 8
    • 9 Page 8 of 8 They are more flexible than classic exotic products, according to Lemont, “and take account of directions changes, momentum and so on”. The dynamic nature of strategy derivatives returns brings a new dimension to the market, says Lemont, enabling clients to be more nimble and automatically reverse positions if they turn sour. The “recent inversion of the curve is a good example”, she adds, noting that the proprietary model that BNP Paribas uses for euro curve trading strategies “sent a signal to switch from a steepening to a flattening position” just before the sharp inversion move. Lemont estimates that, “it takes at least a year to get an effective strategy derivatives platform up and running”. Consolidation to come The dislocation in the markets over the past 12 months has reduced risk appetite, weakened competition and led to a remarkable cheapening of established franchises. In the rates derivatives industry, weaker players are being forced to exit certain businesses, leaving the way open for the strongest banks to benefit from higher margins and the opportunities that will inevitably arise. Those market-makers with best access to two-way flows from a wide range of clients and those that can manage risk most effectively in an extreme environment can capitalize on the situation by capturing wider bid-offer. That is, the leading banks can combine capital, sales and trading expertise and market-making technology to strengthen their dominance. The shakeout is likely to result in a further concentration of power among the top-tier banks. About Nicholas Scott International Limited We are an Executive Search firm specialising in the Finance and Legal markets. We believe in adding value to our clients through a detailed understanding of our market areas and the people operating within. This belief is the basis of our structure – consultants specialising in specific areas with an expert knowledge of their market area. Nicholas Scott Finance Division Our market areas are all Front-Office roles within Derivatives across the Interest Rate, FX, Equity and Credit Asset classes. Role areas are: Trading, Structuring, Sales, Quantitative Research, Strategy & Trading IT Technology. Contact Details: Nicholas Scott International Limited 10 Fenchurch Street London EC3M 5BN Web: www.nicholas-scott.com Email: info@nicholas-scott.com 9