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Gungun Bhatia
Sep 21, 2022
by Gungun Bhatia

Nomura Investment Banking Director to Head Crypto Subsidiary Laser

Nomura

Table of contents

  1. Plan to Enter Crypto Space
  2. Nomura Established Crypto Subsidiary in Japan
According to news sources, Steve Ashley, the head of Nomura of trading and investment banking in London, has resigned from his position and will be replaced by another inside the bank's cryptocurrency division. The newly founded Laser Digital Holdings is expected to have Ashley as its chairman. Jez Mohideen oversees the bank's cryptocurrency division and will take over as the organization's CEO.

Plan to Enter Crypto Space

According to reports earlier this year, the bank was planning a deliberate entry into the cryptocurrency space and had laid up a hiring plan for about 100 employees to join a new digital asset firm by the end of 2023. The Financial Times reported at the time that plans included hiring individuals from outside the bank to head the company.

Later, in a news release, Ashley claimed that the new business would help the bank establish an advantage with institutional clients. It announced the launch of a brand-new business dealing in digital assets that would provide institutional clients with a full range of trading, investor products, and investment services.

Nomura Established Crypto Subsidiary in Japan

Ashley has recently been in charge of his division's extensive cost-cutting effort. After the Japanese investment bank suffered significant losses in 2018, over 350 positions were terminated in 2019. Nomura created a new subsidiary company to let institutional clients buy bitcoin and other non-fungible tokens (NFTs). By 2023, according to insiders with direct knowledge of Nomura's intentions, the business would consolidate several crypto services under a single organization, employing about 100 employees.

On the Chicago-based market, CME, Nomura launched its first bitcoin futures and options deals in May. Trades were conducted through Cumberland, the trading company DRW's cryptocurrency division. According to a bank statement sent through email, Nomura introduced over-the-counter cryptocurrency derivatives, including bitcoin (BTC) non-deliverable forwards, and non-deliverable choices for clients in Asia out of Singapore.

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Nomura Investment Banking Director to Head Crypto Subsidiary Laser
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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