RBC Capital Markets has expanded its European flow rates trading team, naming Ian Hale as head of European inflation trading and promoting Callum Maitland to head of structured inflation and cross-currency basis trading.
The pair are based in London, and report to European head of flow rates trading Ed Russell.
RBC’s capital markets business segment generated a reported US$1.3 billion in revenues for Q3 2025.
Hale’s role will focus on GBP, including RBC’s Gilt-edged market maker activities in index-linked gilts and derivatives such as GBP inflation swaps. He will also be responsible for identifying opportunities in EUR markets.
Russell commented, “Developing our Inflation trading capability represents the next step in our GBP rates strategy, complementing our existing strengths in gilts and sterling swaps. This further enhances our ability to deliver complete and integrated solutions for institutional clients, including liability-driven investment, pension, and insurance accounts.”
With more than 20 years of experience, Hale joins the firm from UBS, where he was head of GBP rates trading. Prior to this, he was head of inflation trading at Citi and deputy head of inflation trading at RBC Markets and Investment Banking.
Maitland, who has been with RBC Capital Markets as head of European inflation trading since 2022, is now responsible for building out the firm’s cross-currency basis and structured inflation offerings in Europe
Earlier in his career, Maitland was head of inflation trading at Lloyds Banking Group.
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