Standard Chartered, the UK bank which is trying to expand its interest rate derivatives business in Asia Pacific, has hired Deutsche Bank's former head of currencies and commodities in the region to lead its the effort.

Nitin Gulabani will be responsible for the development of Standard Chartered's interest rate derivative business in Singapore, while also tackling product development and sales across all client sectors, under the title of global head of interest rate derivatives. He will report directly to Michael Bass, global head of rates and foreign exchange.