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Ex-rates trader foregoes excitement for new digital job

Given today's events, who wouldn't be a rates trader in the final months of 2022? The answer, it seems, is Paul Herd, the former head of G10 electronic rates sales and trading at BNP Paribas and a longtime rates salesman at Deutsche Bank in London.

Herd disappeared from his most recent job in JPMorgan's digital investment banking team in July and we thought for a moment that he might have been joining Pasquale Cataldi (another ex-rates trader who went into digital before returning to rates trading) at Nomura. 

Not so. Herd is not going back into sales and trading directly. Instead, he has just arrived at Santander's corporate and investment bank as head of fixed income e-commerce. He declined to comment on exactly what he'll be doing there, but presumably it won't directly involve trading the dramatic rise in UK gilt yields. 

Herd's decision to stick to digital stands in contrast to Cataldi's preference for returning to the throng. "While I am a strong believer in digitalisation and innovation in the financial markets, I also think that my time in trading and risk management roles is more valuable than ever in the current macro environment," he wrote in July. Today, that would seem more true than ever. 

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AUTHORSarah Butcher Global Editor
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