HSBC has poached former Barclays head of rates trading Michael Yarian to lead its US fixed income trading desk.
The appointment of Yarian is the first significant coup for HSBC’s US markets division since it named Gregory Pierce to lead the unit in September last year.
According to a statement from HSBC, he will report to both Pierce and Elie El Hayek, global head of fixed income.
The appointment was first reported by FastFT.
Yarian left Barclays US business in February, where he was most recently head of rates and local markets trading for Europe and the Americas.
He also led its agency derivatives services, overseeing its global listed derivatives execution and clearing business and global OTC clearing activities. Prior to that, he also ran Barclays’ Japan markets desk and was co-head of USD rates trading.
The appointment is the latest amongst a string of hiring’s within the trading industry. Last week JP Morgan named David Hudson, a veteran fixed income trader at the bank, as its new global head of markets execution.
Furthermore Isaac Chang, KCG’s former global head of FICC, left the company in April and has joined hedge fund AQR Capital Management as co-head of global trading, as reported by Risk.net.