Paco Ybarra is Global Head of Markets and Securities Services. He is a member of Citi's Operating Committee and is Chair of the Institutional Clients Group's Risk Management Committee. Prior to his current position, Mr. Ybarra was the Global Head of Fixed Income, Currencies & Commodities. He joined the bank in 1987 in Spain as a Management Associate. After holding several positions in the Treasury in Madrid, he became Derivatives Head in 1992. In 1994 he moved to Mexico, where he was appointed Country Treasurer in 1995. In 1997 he moved to New York to become Regional Head of Sales and Trading for Citibank Latin America. In January 2002 he became the Regional Head of EM Sales & Trading for Asia Pacific, based in Singapore. In 2004 he was appointed Global Head of EM Sales and Trading and in November 2006, he became Co-Head of Fixed Income. Mr. Ybarra holds a bachelor's degree in economics from the University of Valencia in Spain and an M.B.A. from I.E.S.E. in Barcelona.