Nomura Hires Traders for Currency, Emerging Markets Business

(Bloomberg) -- Nomura Holdings Inc. is bolstering its foreign exchange and emerging market trading ranks as interest-rate volatility rips across markets. 

Japan’s biggest brokerage has appointed Todd Richards, a former portfolio manager at Eisler Capital, as head of Europe, Middle East, and Africa FX forwards trading in London, according to an internal memo seen by Bloomberg. Former Barclays Plc foreign-exchange options trader Sagar Sambrani also recently joined Nomura as head of commodity currency pairs. 

The appointments come after Nomura hired Ruchir Sharma from Deutsche Bank AG late last year to lead its FX option trading globally. In total, the firm has added eight new staff to its FX and emerging markets business this year, according to a spokesperson. 

Trading has surged as central banks from Japan to the US diverge on monetary policy paths, triggering volatility across the $7.5 trillion-a-day foreign exchange market. The Bank of Japan is expected to raise rates again in the coming year even as the Federal Reserve gets ready to cut, spurring demand for traders with macro expertise.

Bond giant Pacific Investment Management Co. and hedge funds like Dymon Asia Capital and BlueCrest Capital Management have added to their trading ranks as the battle for talent heats up. 

Nomura is making targeted hires across currency forwards, electronic FX and spot trading, the spokesperson said. The firm had also added eight staff to its FX sales and trading business in early 2023.

Meanwhile, Chirag Garg has been appointed Nomura’s head of US FX and emerging markets trading, in addition to his existing role as global head of FX forwards trading. He will relocate to New York at the start of September. 

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