HSBC in London has hired Chirag Patel as global co-head of FX and PM options last month, according to market sources.
Patel spent more than 10 years at Citi, where he was global co-head of FX trading.
According to sources, Patel moved to his new role at HSBC after a sabbatical he took in 2017.
In 2011, Patel was named to handle G-10 vanilla options and first-generation exotics at Citi, while continuing as head of FX options for Eastern Europe, the Middle East and Africa, a role he held at that time.
Patel reported to James Bindler, who was global head of G10 FX at the bank until 2017.
Bindler spent 14 years at Citi. He was CEEMA head of non-linear trading and CEEMA head of emerging markets trading for FX and fixed income
Patel’s career began as a vice president at Lehman Brothers in 1999.
In 2006, he became a director at Merrill Lynch, before moving to Citi in 2007.
He was replaced by Nathan Swami, who spent 12 years at Citi in various roles.
Swami had joined the bank in 2008 and became global co-head of FX options in 2017.
He currently works as APAC head of FX trading at Citi.
Swami’s career started as an FX options trader at Lehman Brothers in 2001. He stayed with the firm for almost seven years.