Nomura has strengthened its rates trading capabilities in Europe, the Middle East, and Africa (EMEA) by appointing Hemish Shah as the new Head of EMEA Flow Rates.

Shah brings over 15 years of experience in the rates market, previously serving as the Head of EGBs, Bond Derivatives, and Euro Inflation Trading at Deutsche Bank.

Hemish Shah Joins as Head of EMEA Flow Rates from Deutsche Bank

Shah will spearhead the growth and development of the firm's EMEA Flow Rates business in his new role at Nomura. He will work closely with clients to provide value-added content and consistent liquidity provision and develop trading and risk management strategies.

"Hemish's extensive knowledge of EMEA rates products and clients, combined with his experience in developing trading and risk management strategies, will help us meet our strategic goals and further strengthen our regional franchise," said Richard Volpe, the Global Head of Rates at Nomura.

Shah will report to both Volpe and Nat Tyce, the Head of Global Markets EMEA, as Nomura continues to bolster its rates trading capabilities in the region.

For Nomura, it is another expansion move after the company announced last week that it opened a new subsidiary to integrate its public and private credit offerings for institutional clients in the Americas.

Nomura Surpasses Financial Forecasts

In the third quarter of the fiscal year, concluding in March 2024, Nomura Holdings witnessed a performance uplift. The firm recorded a surge in its net revenue, amassing 400.2 billion yen ($2.8 billion), coupled with a significant increase of 39% in pre-tax income from the preceding quarter, which stood at 78.7 billion yen ($558 million). Despite this upward trend, the firm experienced an annual dip of 6% in pre-tax income, highlighting the fluctuating nature of the present financial landscape.

Nomura's total net revenue for this quarter reached 400.2 billion yen ($2.8 billion), representing a rise of 9% from the previous quarter and a modest 2% year-over-year growth. Similarly, pre-tax income saw a substantial boost of 39% quarter-over-quarter, totaling 78.7 billion yen ($558 million), albeit with a decrease of 6% on a yearly basis.

Nonetheless, the net income attributable to Nomura's shareholders increased significantly by 43% from the previous quarter, amounting to 50.5 billion yen ($358 million).

These figures not only underscore Nomura's resilient performance but also align with the firm's previously disclosed projections, highlighting an uplift of 118% pre-tax profit for the six months ending September 30, 2023, driven by diversified revenue streams and a record-setting second quarter in FY24 for assets and retail trading.