Many have questioned the viability of Nomura’s stated aim to build an FX franchise. Having worked there in one of its previous build-ups, I too have yet to be convinced. Still, that has not stopped a raft of quality players flocking to the Japanese shop. Therefore, I was surprised to hear that Steve Ware and James Lamb left their roles in hedge fund sales this week, apparently to head off to Natixis. It seems a brave but risky move.