BNP ParibasSA restructured its equity derivatives business to focus more onclients and less on products, Thomson Reuters' IFR reported Sept. 30.
Emmanuel Dray, the French bank's global head of flow equityderivatives, was promoted to head a new institutional sales division cateringto hedge funds, pension funds, insurers, asset managers and sovereign wealthfunds. He retains responsibilities for "linear trading across delta oneproducts, futures and forwards, encompassing ETF market-making, risk premia andthematic baskets," the report noted.
As part of the reorganization, BNP Paribas also appointedDiego Caielli earlier in September from Credit Suisse Group AG in a senior sales role coveringNorth American pension funds and hedge funds, and Navir Brar from as headof the U.K. institutional sales, covering pension funds, insurers and assetmanagers. Brar will help develop the French bank's flow and delta oneactivities, IFR reported.
In addition, the bank tapped Rim Zidani and Reda Benali asEuropean index exotics traders, according to the news source. Zidani joins fromDeutsche Bank AG andBenali from CitigroupInc.'s Citibank.