Nomura Holdings is launching an aggressive rebuild of its foreign exchange (Forex) options division following significant personnel departures in its key trading hubs. According to Bloomberg, the move marks a critical pivot for the Japanese financial giant's derivatives strategy.

Nomura Revamps FX Options Unit After Staff Exodus

The bank's FX options team, which recently secured impressive gains from US election-related trading positions, has experienced a notable exodus of talent over the past twelve months. Industry sources indicate that approximately eight traders have departed from the bank's London and New York offices, primarily consisting of professionals who joined since 2022.

In response to these challenges, Nomura has appointed David Leigh, a veteran trader previously with Deutsche Bank, to spearhead the rebuilding efforts. Under the remaining team's leadership, including Nagaraj Pangal, the unit has demonstrated resilience by generating approximately $50 million in recent months, largely attributed to successful US presidential election-related trading strategies.

"As a profitable business for Nomura, we will continue to invest," a Nomura spokesperson told Bloomberg.

The division has already recorded $60 million in revenue since the start of its fiscal year in April, building on last year's $50 million performance. Market participants observed a significant rally in the dollar index during the period surrounding Donald Trump's electoral victory, creating favorable conditions for currency traders.

In the meantime, Nomura has witnessed a 400% increase in client algorithmic FX trading since January 2023.

Hunt for FX Traders

Leigh's immediate priority involves recruiting experienced traders to strengthen the depleted team. The FX options market, known for its complexity and reliance on manual price construction, demands highly skilled professionals who can navigate its intricacies.

The reconstruction effort follows the departure of Kevin Connors, who joined Nomura in 2021 to expand its currency trading operations. Before his exit in September 2024, Connors had emphasized the strategic importance of the FX options desk in enhancing the bank's client offerings.

The timing of Nomura's rebuilding initiative coincides with broader industry momentum, as global FX options revenue reached $2.5 billion in 2024, surpassing the previous year's $2.3 billion.

New European CEO

Leigh is not the only new appointment at Nomura. As reported by Finance Magnates two months ago, John Tierney has been named CEO of Nomura Europe Holdings and Nomura International, succeeding Jonathan Lewis after a decade-long tenure.

Jonathan Lewis, who served as CEO since December 2014, played a critical role in navigating the company through major challenges, including Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term, the COVID-19 pandemic, and significant regulatory reforms.

While stepping down as CEO, Lewis will remain involved in the organization. He will transition to non-executive roles and chair several subsidiary boards, including Nomura Financial Products Europe and Instinet Europe.

As for Leigh himself, his employment history until November 2024 was limited to Deutsche Bank, where he spent nearly two decades. Throughout this time, he was involved in FX market trading, and for the past several months, he served as Head of European Foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term.