TRADING UP: Mallgrave Joins CS for Flow Trading; Deutsche Nabs Boyle for Derivatives
Matt Mallgrave recently joined Credit Suisse as head of U.S. flow trading, according to an internal memo. Mallgrave reportedly left Goldman Sachs last fall after 18 years with the bank, most recently as a managing director and head of Americas cash high-touch trading. Mallgrave is charged with expanding the firm’s flow trading platform and broadening its usage among the bank’s client list. He is based in New York and oversees the high-touch cash and program trading businesses.
Deutsche Bank has hired James Boyle from Citigroup as global co-head of its equity-derivatives business following a slump in the unit’s sales, according to two people familiar with the decision. Boyle, who is based in Hong Kong, will also be head of equities for the Asia-Pacific region. Before Citi, Boyle held trading roles at Citadel and Merrill Lynch.
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Goldman Sachs’ co-head of global fixed-income, currency and commodities sales, Dalinc Ariburnu, announced his retirement. Ariburnu will be replaced by Jim Esposito, who will also continue in his current role as chief strategy officer for the securities division. Tom Cornacchia will continue in his role as co-head of global fixed income sales.
Mark Agne, head of Goldman’s Japan securities division, co-head of Asia-Pacific equities trading and a 17-year GS veteran, has departed, according to an internal memo. He joined the firm in 1999 as an associate on the Japanese equity derivatives desk. He then rose to become head of its Asia-Pacific derivatives trading in 2006, and was promoted to co-head of Asia-Pacific equities trading in 2010. He assumed his current role in 2014.
Also leaving Goldman is Stuart Connolly, European head of OTC clearing. His role will be picked up internally by other members of the OTC clearing team. His departure comes weeks after Anthony Fraser, Goldman’s global head of derivatives clearing operations, left the bank to join J.P. Morgan.
Eisler Capital has hired a quartet of former Goldman Sachs pros. Jonathan Hall, a former partner and head of U.S. interest rates products at Goldman Sachs who left in 2013. Also, Carey Nemeth, a former managing director who spent 14 years at Goldman until leaving in 2015, is now the hedge fund’s chief operating officer. Andrew Deeley, a former prop CTA trader and Dominic Steel, who was also a systematic prop trader at Goldman until 2013, joined as portfolio managers.
Mary Ann Burns, executive vice president and chief operating officer at FIA, is leaving the global trade organization for the futures, options and centrally cleared derivatives in July. Currently Burns oversees FIA’s industry relations and has responsibility for FIA communications, conferences, marketing and technology. She also serves in the executive committees of the FIA Principal Traders Group and the FIA European Principal Trader Group, and she serves as the executive chair of FIA Technology Services, a wholly owned subsidiary of FIA which provides systems that help the industry achieve operational efficiencies.
Danish bank Saxo has hired Jeff Zorek, Nomura’s former head of prime services and futures product, to boost its global sales team in London.
Bats Global Markets Europe has added former buysider Kristian West to its board. West was the former global head of equity trading at JP Morgan Asset Management. He replaces Paul Hilgers, the chief executive of high-frequency trading firm Optiver, who stepped down on April 21.
One of the longest-standing executives in Societe Generale’s trading business – who led its integration with futures brokerage Newedge – is leaving the group as part of a reshuffle of the unit’s leadership. David Escoffier, who had been deputy head of SocGen’s global markets business is leaving in June, according to a statement from the bank on April 25. Escoffier’s additional role as head of sales for global markets has been taken over by arc El Asmar. El Asmar will be based in London and will report to Frank Drouet, head of global markets.
Michael D’Arpino has joined LPS Partners as a managing director. D’Arpino, a veteran of the trading markets with 26 years of experience will focus on business development, primarily on growing and diversifying the firm’s current business model to extend beyond traditional fixed income securities. Prior to that, he worked at Whitaker Securities as its chief operating officer and ran its principal/Quest trading group. Before that, D’Arpino was with BGC Partners where he ran a 60 person fixed income trading desk. He also spent 17 years at Tullet Prebon where he helped launch the firm’s electronic trading platform, TradeBlade.
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Trade associations have asked for an extension of the temporary equivalence decision for UK CCPs.
Trading Technologies has partnered with Chinese clearing broker COFCO Futures.
Phase 5 of the uncleared margin rules (UMR) took effect from September 2021.
Temporary equivalence is set to expire on June 30 2022.
IRS trading volumes have fragmented without an equivalence agreement.