Bull Bear Report Feb 10 2011

Citigroup Hires Heads for Clearing Business, More Hiring to Come

By julie steinberg

Citigroup is expanding further into the derivatives and third-party clearing business.

The firm announced today it has hired Antonio Reyes Miras for the newly created position of global head of electronic execution for listed derivatives. In this role, Miras will assume responsibility for the development of the firm's execution and clearing services offered to corporate clients.

He will be based in London and report to Jerome Kemp, head of exchange-traded derivatives sales and clearing, also a newly created role. Kemp joined in January from JPMorgan, where he was global co-head of futures and options. He is also based in London.

The recent hires show Citi's commitment to growing its clearing platform across fixed income, equity and commodity markets, the statement said. Jeff French, a Citi spokesperson, said there will "certainly be more hiring" to come in the division.

"This is part of a broader expansion of the listed derivatives and clearing business and it will involve additional hiring," French said. He wasn't sure how many employees the company plans to bring on.

Miras will join this month from JPMorgan, where he worked for 12 years. He was most recently global head of e-trading for prime services. He received his MSc in financial markets from INESE, Madrid in 1999 and his bachelors in business administration from Universidad Autonoma de Madrid in 1996.

Citigroup also recently hired Michael Zimits from Bank of America Merrill Lynch as head of global third-party clearing. He is based in New York and also reports to Kemp.

Write to Julie Steinberg



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