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As predicted, Martin Loat, a derivatives industry veteran, has joined Smith Barney to build its global derivatives operation. Loat left Merrill Lynch last March, and rumblings had grown ever louder that he would follow another Merrill veteran, Jack Lyness, to Smith Barney (IDD, 6/13). Lyness is deputy head of capital markets for Smith Barney.
With Loat's arrival as global head of derivatives, Smith Barney has signalled its ambition to be a major player in the derivatives market.
To date, the firm's derivatives business has been mostly limited to municipal swaps. But with Loat on board and a build-up continuing in investment banking and...