HSBC revs up fixed income e-trading push

The bank has named Paul-Henry Bacher global head of fixed income e-trading, according to a memo sent to staff on December 16 and seen by FN.

In the memo, Mehmet Mazi, HSBC‘s global head of traded credit, and Christophe Riviore, its global head of flow rates, said that electronic trading “plays a pivotal role in the transformation of our fixed income business to grow revenues and gain market share”. They added that Bacher’s new role would see him tasked with coordinating “the implementation of advanced electronic and algorithmic trading across credit and rates”.

Bacher joined HSBC earlier this year as head of rates e-trading. Before that, according to his LinkedIn profile, he was head of electronic market-making for Europe at Credit Suisse. In an earlier stint at the Swiss bank he had been head of rates algorithmic trading.

The memo also said that Harsh Kumar, formerly Barclays‘ head of e-rates in the US, had joined HSBC as head of fixed income e-trading for the Americas, reporting to both Bacher and Michael Yarian, head of credit and rates for the Americas.

Electronic fixed-income specialists are in high demand as trading in the sector moves slowly from a predominantly voice-driven, over-the-counter market to become more electronic and venue-based. This is chiefly due to new capital requirements limiting the ability of dealers to act as market-makers, but also new regulations including the EU’s revised Markets in Financial Instruments directive, or Mifid II, which is forcing greater pre and post-trade transparency in bond markets.

Several senior practitioners have moved roles in the last year, including Deutsche Bank’s head of electronic credit trading Dominic Holland, who joined custodian bank BNY Mellon in September as its head of fixed-income electronic markets.

HSBC launched an electronic bond platform, called Credit Place, at the start of 2014 targeting large-sized transactions, an area of the market badly impacted by banks’ scaling back of capital provision.

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