GC: Natixis CIB has been recognised as Equity Derivatives House of the Year and Commodity Derivatives Bank of the Year in Europe & Asia. What does this achievement say about the overall strength of your franchise?
Calvino: On the equity side, it’s an honour to receive the award. We see it as recognition of our growth story over the past few years. We’ve strengthened our position in our domestic market, but we’ve also accelerated our international development, with senior hires in Hong Kong, Japan, Australia, Italy, Germany and the UK. At the same time, we’ve expanded our product coverage to serve the full range of client segments, from retail and private wealth to corporates and institutional investors. That diversification, both geographically and by product, makes our platform more robust from a trading perspective.
Lixi: For commodities, I think it’s recognition of the strategy put in place over the last five years. We’ve worked on the franchise, opened more accounts and shifted slightly away from being only a complex or structured product house towards becoming more of a flow house. That’s testimony to the strength of the model and how we’ve succeeded across different asset classes.
GC: This is your first win as Equity Derivatives House of the Year. What factors have been most important in this achievement?
Calvino: Several trends stand out. We’ve stayed at the forefront of structured product innovation, but we’ve also industrialised our platform to build a structured flow franchise in Europe and Asia. That’s allowed us to deliver at scale while still being innovative. Risk management has also been crucial. Through diversification we’ve maintained an active trading presence even during periods of market stress, serving clients with what I’d call unwavering dedication.
Another key pillar has been the growth of our investment solutions platform, where we’ve continued to design innovative, capital-efficient solutions for insurers and institutional investors. Finally, there’s ESG. While some players have pulled back, we’ve remained steadfast in serving investors committed to sustainable principles, with a rigorous framework to measure impact. In today’s polarised environment, that’s a differentiating factor.
GC: Natixis CIB has been a leading force in commodities for years. How have you sustained leadership in this space, particularly during such a volatile period?
Lixi: We started the business seven years ago with the idea of diversifying the underlyings. Around 18 months ago we launched uranium trading, so we’ve gone further than many competitors in certain asset classes. As with our equities business, we’ve built a foundation that allows us to attract senior talent. Richard joined as Global Head of Sales this year, and in Asia we’ve brought in a new Head of Salesforce to deepen client relationships. For me, it comes down to putting the client at the centre and always asking: what can we do next to help them?
Gibson: One thing clients value is that Natixis CIB has stayed committed to commodities, even when other banks have exited. That consistency, through times of volatility, really matters. We also benefit from the bank’s DNA in commodities — especially trade finance — which strengthens our understanding and delivery in this space.
GC: Across both equity and commodity derivatives, how are you working with clients to deliver solutions that reflect changing needs?
Lixi: Guillaume used the right word earlier: industrialisation. We’ve simplified and industrialised vanilla products, giving clients a standardised suite of solutions across FX, rates and credit. Then, on top of that, we can provide more ad-hoc or made-to-measure solutions for individual clients with specific needs.
Calvino: Exactly. Industrialisation hasn’t reduced our ability to customise — it’s actually strengthened it. By developing frameworks, we can be more efficient in delivering tailor-made hedging solutions. That’s the way we want to approach things: understand the client’s constraints, customise and deliver effectively. As Richard mentioned earlier for Commodities, we continue to develop both flow and solutions across our Equity business.