Nomura hires Leng for dual global FX trading roles

Hire comes as Nomura looks to significantly bolster its FX and macro trading division globally

Singapore-skyline-clouds

Nomura has recruited a former regional macro trading executive from Standard Chartered to take on two new global foreign exchange trading roles based in Singapore.

Hoe Lon Leng joins the Japanese bank as its new global head of FX flow trading, where he will be responsible for managing Nomura’s emerging markets and G10 voice FX trading, as well as its electronic FX trading businesses across Asia-ex Japan, EMEA, Japan and the US.

Leng is also taking on the role of global head of FX forwards trading, a key pillar of the bank’s macro franchise.

He joins from Standard Chartered where he was previously both head of financial markets for Singapore, Brunei and Australia, and head of macro trading for the Asean and South Asia regions for more than five years.

Leng will report to Rig Karkhanis, Nomura’s Singapore-based deputy head of global markets and global head of FX and emerging markets.

A spokesperson for Nomura declined to comment.

The hire comes as Nomura looks to significantly bolster its FX and macro trading division globally. In March last year the bank hired Kevin Connors from Goldman Sachs as global head of FX and emerging markets sales, and then went on to add veteran macro trader Brent Cook to its London-based FX desk a few months later.

Most recently, the bank reportedly made 10 hires for its macro trading business, with a focus on FX. This included four traders from Citi and six others from other firms across London, New York and Singapore.

Macro trading desks for banks have benefitted significantly from the return of volatility across rates and FX markets – stemming from Russia’s invasion of Ukraine, supply chain crises, rampant inflation and central bank rate hiking.

Nomura had already signalled plans to develop its FX business in Asia by going live with its emerging markets and G10 electronic FX trading engine in Singapore last year. In July, the Singapore branch of the bank also executed its first trade on the China Foreign Exchange Trade System, as it looks to capture a share of China’s interbank FX market.

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