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Foreign Exchange

HSBC makes key hires in currency options: Thirlwall joins as exotics head

HSBC has hired Paul Thirlwall as its new global head of exotic options, to be based in London, commencing in late September, a bank spokesperson has confirmed. It has also hired Sam Underwood, as a junior exotics trader, starting in July. Thirlwall and Underwood both join from Barclays Capital.

Thirlwall will have direct responsibility for the risk-management of HSBC’s global exotics portfolios and will ensure pricing and risk-management consistency across its trading centres. He started his career at JPMorgan in 1996. Underwood has been an exotics market-maker for the past four years, and will be assigned to the market-making and risk-management of some of the exotics books, primarily Tarfs and accruals, the spokesperson says.

HSBC has also hired Tim Davis from Macquarie Bank as a precious-metals options trader, based in London. The three hires reflect the growing importance of client business in structured hedging and investment solutions, and as HSBC looks to build on the rapid growth of its commodity business.

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