JP Morgan’s Nick Rustad will lead its global clearing business in London, in anticipation of the European clearing mandate in June.
However the appointment comes as Dave Olsen, global head of futures, options and OTC clearing, will leave the team, according to an internal memo seen by The TRADE Derivatives. It is understood that Olsen will not leave the bank at the present time and may seek for a new role inside the bank.
Rustad, a JP Morgan veteran of 15 years, was previously head of EMEA Emerging Markets Rates trading.
He replaces Emily Portney, the bank’s previous global head of agency clearing and collateral management based in New York.
“Nick’s expertise running broad, complex businesses across diverse geographies with a variety of risk profiles makes him ideally suited to lead the Clearing business. He will be based in London and report to me,” said Jason Sippel, global head of prime services for JP Morgan in the memo.
The appointment means JP Morgan will move its global clearing role from New York to London, as the first wave of mandatory interest rate clearing hits European banks in six months’ time.