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When the manipulation occurred, Mr. Nielsen served as the global head of rates.
The description "is not true, and we know it, the data has been weakening on this front," wrote Eric Green, global head of rates research at TD Securities.
As part of the restructuring, UBS said it had appointed Mike Stewart as global head of equities, while Chris Murphy will become global head of rates and credit.
A Morgan Stanley spokesman said "Mr. Hadden is an employee in good standing as the global head of rates at Morgan Stanley".
Tom di Galoma, head of rates trading at ED&F Man Capital, said: "The economy is improving, but they are not really saying that the economy is taking off here.
Nitin Gulabani, the global head of rates at Standard Chartered Bank, said during a panel discussion, "As an industry, we just have to accept the moral obligation of what we are doing and how we do things".
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"We are ready to go," Chris Bury, co-head of rates sales and trading for Jefferies & Company, told the Senate committee.
David Keeble, global head of interest rates at Credit Agricole in New York, said: "He took out the bazooka.
Banc of America Securities has hired Floyd Converse from Goldman Sachs as a managing director and head of United States rates structuring.
"It feels like continued liquidation," Brian Edmonds, head of interest rates at Cantor Fitzgerald in New York, said.
"It's like the ECB is chasing its own tail, said Ciaran O'Hagan, head of European rates at Société Générale.
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