Nomura, the Japanese investment bank, has boosted its ambitions to become a major player in equity derivatives after raiding Merrill Lynch for 13 people.

A spokesperson for Nomura said: "We believe this will be a very important area going forward, and will be hiring more to the equity derivatives team, if the right individuals become available. We have made a very considerable investment in this, and would not have embarked on it if it were fruitless."