Citi has hired one of the top future and options bankers at JP Morgan, Jerome Kemp, to the newly-created position of head of exchange traded derivatives sales and clearing.

The move is one of the most high-profile in derivatives since regulatory reforms - principally the Dodd-Frank act in the US – have started to force sweeping change on the business, including a move to centralised clearing of over-the-counter derivatives.

Mr Kemp was global co-head of futures and options at JP Morgan, with Peter Johnson, who is still at JP Morgan and will assume sole head of the business as a result of Mr Kemp’s move.

Both reported to Richard Berliand, who retired earlier this year. Mr Johnson reports to Sandie O’Connor, who replaced Mr Berliand.

Mr Kemp had been at the bank for 17 years and was a key player in transforming its existing on-exchange futures and options business into a broader team incorporating OTC derivatives and clearing services.

Citi said the new role was created “to ensure that Citi remains a leader for clients as more products move to centralised clearing”.

Citi’s global futures business will report to Mr Kemp. He would work “in close partnership with our existing product heads across markets to deliver distinctive capabilities and service to our clients as their needs evolve amidst a changing regulatory environment”, an internal staff memo, seen by FT Trading Room, said.

Mr Kemp joins later this year and will be based out of London. At JP Morgan he divided his time between London and New York.

He is on the board of LCH.Clearnet and on the executive board of the Futures and Options Association in London.

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