BNP Paribas Strengthens Its U.S. Treasury and Agency Trading Activities.Business Editors NEW YORK--(BUSINESS WIRE)--July 12, 2000 BNP Paribas BNP Paribas (Euronext: BNP, TYO: 8665 ) is one of the main banks in Europe and France. It was created on 23 May 2000 through the merger of Banque Nationale de Paris (BNP) and Paribas. today announced several new hires in its U.S. Government and Agency business as part of its strategy to strengthen its U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. and Agency trading activities. Dean Melchior joins as a Senior Trader responsible for trading one- to four-year agency securities. Melchior joins BNP Paribas after 11 years at Daichi Kangyo Bank's Financial Products Division, where he was a senior U.S. dollar swap trader. Frederic Samama joins BNP Paribas from BAREP Group (a subsidiary of Societe Generale) in Paris, where he was a proprietary trader In a financial institution, a proprietary trader ( also known as a securities trader ) is a trader who trades securities on the account of the institution he/she works for, not for client-based business. for the past four years in dollar fixed income arbitrage Fixed-income arbitrage is an investment strategy generally associated with hedge funds, which consists of the discovery and exploitation of inefficiencies in the pricing of bonds, i.e. instruments from either public or private issuers yielding a contractually fixed stream of income. activities. At BNP Paribas, Samama will be responsible for trading the long end of the agency curve. Melchior and Samama will be based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , reporting to Ashley Schulten, who is responsible for BNP BNP B-type natriuretic peptide, brain natriuretic peptide Physiology A 32-residue peptide hormone produced predominantly in the ventricles, secreted in response to fluid overload–eg, CHF. See Atrial natriuretic peptide. Paribas' U.S. agency trading activities. Chris McCann joins BNP Paribas as a long bond trader. McCann joins BNP Paribas in New York after two years at Dresdner Kleinwort Dresdner Kleinwort (DKIB) is the investment bank of Dresdner Bank AG, part of Allianz since July 2001. Headquartered in London and Frankfurt and with an international network including offices in the financial centres of New York and Tokyo, Dresdner Kleinwort provides a wide range Benson, where he had similar responsibilities. Joe McGuinness joins BNP Paribas as a senior trader responsible for trading U.S. government securities during Asian hours. McGuinness comes to BNP Paribas with seven years experience, most recently at SocGen Securities in Tokyo, where he was the U.S. treasury trader. He will be based in Tokyo reporting to Bill Ball. Commenting on the new hires, Nicolas Galmiche, Head of the U.S. Government Bonds business, stated, "These hires will enable us to further distinguish ourselves by allowing BNP Paribas to offer the highest level of sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. and expertise." In addition to the new hires, the Bank also announced the relocation of Bill McCawley and Bill Ball, members of its U.S. government team. McCawley is relocating to New York where he will be responsible for the five-year sector of the U.S. treasury market. McCawley has worked in London for the past four years, where he was instrumental in building the firm's U.S. presence in Europe. Ball is replacing McCawley in London. Ball is relocating from Tokyo and will be responsible for the trading of U.S Treasuries and Agencies in both Europe and Asia. "This new position will further enhance the coordination of activities between the two regions," stated Galmiche. Both McCawley and Ball will report to Galmiche. BNP Paribas has offices in 83 countries, a staff of over 77,000 employees, and operates in the world's seven largest financial centers. BNP Paribas is divided into six core businesses: corporate and investment banking; domestic retail banking; international retail banking; specialized financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. ; private banking, asset management, securities services, insurance and real estate; and Paribas Capital. With assets of almost 700 billion Euro as of December 31, 1999, BNP Paribas is one of the world's largest financial institutions. |
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