Nacim SADAOUI is a senior FRTB SME at HSBC. He has more than 17 years of experience across market risk, model validation and regulatory programme delivery. He led end-to-end FRTB implementation across multiple jurisdictions, including EU, UK and Hong Kong. Before HSBC, he held roles at J.P. Morgan, Lloyds Banking Group, Natixis and BPCE. His research on FRTB capital allocation and the economics of internal model adoption is published as working papers on SSRN.