Execution Noble, the stockbroker-turned-investment bank that has just merged with Banco Espírito Santo de Investimento, has an unusual model for its derivatives business. Nick Tranter, head of derivatives, explains the strategy to Jon Hay and outlines some of the firm’s plans for growth.
When Nick Tranter moved to Execution, the UK-based stockbroker, in August 2009, he wanted a change. After climbing the equity derivatives ladder for four years at JP Morgan, 11 years at Morgan Stanley and a year at BNP Paribas, he swore he would never work for a bank again.
He got more change than he bargained for. A few months later Execution acquired Noble Group, which gave it an equity capital markets team and strengthened its research, particularly in India.
Then in February 2010 came news that Nick Finegold, Execution Noble’s founder and CEO, was selling a 50.1% stake to...