Peter Shapiro, formerly vice president and co-head of municipal derivatives at Citicorp Securities Inc., has left the bank for Euro Brokers, a derivatives broker to issuers, dealers, and commercial banks.

After six years at Citicorp, Shapiro said, he has joined New York City-based Euro Brokers as a senior vice president and a member of the firm's senior management team.

"The opportunity to work with them to help grow the business with new products and new customers is truly exciting," Shapiro said. "The municipal derivatives market is still very much in a growth phase."

David Croft, head of municipal finance at Citicorp, said that he will temporarily take on Shapiro's responsibilities.

Shapiro said he will continue to encourage public sector issuers to use derivatives in new ways. During Shapiro's tenure at Citicorp, for example, the bank sold the New Jersey Transit Authority on a commodity swap to lock in a fixed cost for diesel train fuel.

At Euro Brokers, Shapiro will have a broader playing field. He will work in the equity derivatives area and will try to expand the use of derivatives by public sector entities worldwide, including those in emerging markets.

Before joining Citicorp, Shapiro spent two terms in the New Jersey Legislature and two terms as county executive for Essex County, N.J. In 1985, he was the Democratic nominee for governor, losing to then encumbent Tom Kean.

Euro Brokers handles interest rate swaps and related products, commodity derivatives, and structured equity instruments. The firm also deals in nonderivative securities, including sovereign debt, mortgage-backed securities, commercial paper, and municipal investment agreements.

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