Whilst at Morgan Stanley he most recently served as executive director in electronic FX institutional sales.

Before that, Green worked in fixed income derivatives solutions at Barclays Investment Bank. 

Read more: BNP Paribas macro and credit global co-head departs following fixed income rejig

BNP Paribas declined to comment when approached by The TRADE.

The post Morgan Stanley director joins BNP Paribas in macro sales role appeared first on The TRADE.

Morgan Stanley appointed Pankaj Dhake as a new electronic sales trader, based in Mumbai. Dhake joins Morgan Stanley from CLSA, where he spent nearly seven years, most recently as an electronic sales trader. This followed a stint as an associate at CLSA – a position he held for nearly two years. Prior to joining CLSA, Dhake was a senior quantitative researcher at WorldQuant. Elsewhere in his career, Dhake served as a global equity derivatives trader at UBS.

Eric Kohler was appointed to Kepler Cheuvreux’s high touch trading team based in New York. Most recently Kohler worked as an international equity trader at Citi for more than three and a half years having previously served as a commodities sales and trading analyst at the firm. He has also served stints at both Morgan Stanley and UBS Wealth Management. In the role, he is set to help the firm grow its execution footprint and expertise across North America – a key strategic base for Kepler Cheuvreux.

Jamie Crank was named group executive technology and data at the Australian stock exchange, ASX. Prior to this appointment, he was general manager in the trading and markets division, and before that general manager of information and connectivity services for ASX.  He will officially begin his role on 9 September. According to ASX the appointment followed “an extensive external and internal search process”. Sydney-based Crank has worked in the industry across various exchanges for two decades. He has previously served at Chi-X Australia and the London Stock Exchange.

Crédit Agricole appointed Ryan Jones vice president, Latin American (LatAm) RFX trader, based in New York. Jones joins Crédit Agricole from Natixis Corporate and Investment Banking where he spent nearly three years, most recently as vice president, LatAm FX trader. Prior to that, Jones held the same position as an associate. Before joining Crédit Agricole, Jones spent three years at Standard Chartered Bank – also based in New York – most recently as a LatAm RFX trader.

The post People Moves Monday: TD Securities, Morgan Stanley, Kepler Cheuvreux and more… appeared first on The TRADE.

Dhake joins Morgan Stanley from CLSA, where he spent nearly seven years, most recently as an electronic sales trader.

This followed a stint as an associate at CLSA – a position he held for nearly two years.

Prior to joining CLSA, Dhake was a senior quantitative researcher at WorldQuant.

Elsewhere in his career, Dhake served as a global equity derivatives trader at UBS.

Dhake announced his appointment in a social media post.

The post Morgan Stanley taps CLSA for new electronic sales trader appeared first on The TRADE.

Michael Genetti joined Columbia Threadneedle Investments from as a fixed income trader. He has worked in several fixed income-related trading roles throughout his career, most recently as a FI trader at US Bank. Before that, Minneapolis-based Genetti spent more than a year at RBC Wealth Management as a fixed income trade specialist. Prior to this he worked as an investment assistant at both Bremer Bank and Raymond James.

John Bajus left his role at Instinet, where he most recently served as head Americas execution sales, to join US equities trading venue IntelligentCross, part of AI powered trading platform company, Imperative Execution. In his new role he will serve as managing director, business development. Prior to his stint at Instinet, Bajus was responsible for Americas prime brokerage and delta one business strategy and operations at Citi and before that worked as global head of electronic trading solutions at Jefferies. His experience also includes previous roles as an MD at UBS Investment Bank, State Street, and Bear Stearns.

The post People Moves Monday: Morgan Stanley, Columbia Threadneedle Investments and IntelligentCross appeared first on The TRADE.

Gurpreet Ubhi has been selected to oversee FX sales for the region at Morgan Stanley after most recently serving at Citi for the last eight years. He announced his departure from Citi on social media two months ago.

Ubhi originally joined Citi in 2016 as a vice president in electronic FX sales, later taking on his most recent role as director in the same division in 2019.

Previously in his career, he spent almost two years in eCommerce sales at Deutsche Bank, three and a half years at Bloomberg in FX and electronic FX sales and conducted a year’s placement at State Street in FX research.

Morgan Stanley declined to comment.

The post Morgan Stanley names new EMEA electronic FX sales head appeared first on The TRADE.

Batouche joins from BNP Paribas, having most recently served as a vice president, focused on equity derivatives structuring.

Read more: Fireside Friday with… Morgan Stanley’s Maria Salamanca Mejia 

Prior to this, Batouche spent three and a half years at Goldman Sachs, joining as a senior analyst before being promoted to associate, focused on market risk.

Previous experience also includes a stint at BlackRock, working with the emerging market allocation team within the multi-asset strategies group.

Morgan Stanley declined to comment when approached by The TRADE.

The post BNP Paribas VP joins Morgan Stanley as trader appeared first on The TRADE.

Ninety One trader Tom Nickalls is set to leave the asset manager after 11 years to join Morgan Stanley. According to an update on social media, Nickalls will join the sell-side next month in an emerging markets credit role. He joined Ninety One in 2013 as a client operations analyst, moving into a portfolio implementation role in 2015 and taking up his current role as fixed income trader in 2018. He was recognised as a Rising Star of Trading and Execution at Leaders in Trading in 2021.

Robert Whelan joined Citadel as equity trader following almost eight years at Pictet Asset Management. Whelan joined Pictet AM as an equity trader back in 2016. Prior to that, he worked at Morgan Stanley, initially joining as an electronic trading associate before going on to a role as equity sales trader. Whelan will act as an execution trader on behalf of the desk and his role is non-risk taking, The TRADE understands.

Lara Jacobs was appointed vice president – equities electronic trading coverage at JP Morgan following six years with Liquidnet. She most recently served as head of international client trading, EMEA. Prior to this, she worked as a market structure and strategy analyst before moving onto a role as equity trader. Before her stint with Liquidnet, London-based Jacobs worked on the debt restructuring team for fixed income at M&G Investments.

Outset Global appointed William Bradley managing director within its London office. Bradley brings considerable experience in the equity sales and trading space to the role, joining from Goldman Sachs where he served as vice president on the cross-asset sales desk in New York. Before joining Goldman Sachs, Bradley served as assistant vice president at Barclays on the equities liquid markets sales trading desk.

Bill Spencer was appointed head of client solutions at MarketAxess following five years at UBS Asset Management, most recently as executive director, multi asset centralised trading. The role is newly created, with Spencer set to hold responsibility for buy-side experience within MarketAxess’ trading system. Whilst at UBS, he worked as a senior trader on the US fixed income desk, as well as working on the daily trading of cash rates, credit, ETFs, and municipal bonds. He also lent his expertise to the trading of credit derivatives and listed futures and options. New-York based Spencer also previously held ETF-related positions at: REX Shares, Gelber Group LLC, and Chicago Trading Company.

Chris Robinson was appointed multi-asset trader at Liquidnet, joining from Louis Capital Markets where he worked for almost 13 years. He most recently served as a EMEA and US equity sales and execution trader. Prior to this he worked in equity derivatives for six and a half years, focused on Eurostoxx and sectoral indices. London-based Robinson has also previously served in a pension execution role at BDO UK LLP.

The post People Moves Monday: Millennium, Morgan Stanley, Citadel and more… appeared first on The TRADE.

Alex Grinfeld has been appointed to co-head up Liquidnet’s futures business in the Americas.

He joins Liquidnet after 11 years at Morgan Stanley. Prior to joining Morgan Stanley, Grinfeld was a vice president at Goldman Sachs for futures and derivatives sales trading.

Previously in his career, he spent over five years in the CME S&P 500 futures trading pit.

Grinfeld will head up the division alongside Brian Cashin who joined Liquidnet from Bank of America in March 2022.

“Alex joins us at an exciting time in our journey, his extensive experience will be integral as we launch new technology and further develop our execution services,” said Mike du Plessis, global head of listed derivatives.

Liquidnet has been bolstering its Americas and European listed derivatives businesses in recent years with a string of senior new hires.

Among the new hires were Dan Noorian and Darren Smith – both of whom joined from UBS 18 months ago to lead Liquidnet’s listed derivatives team in London.

The appointments follow the launch of a pre-trade analytics offering for listed derivatives in October 2023.

Read more – Liquidnet launches pre-trade analytics solution for listed derivatives

The new solution aims to offer more actionable intelligence including volume, liquidity, activity and projected volume to better inform the decision-making process ahead of execution.

The post Morgan Stanley cross-asset futures execution co-head to join Liquidnet appeared first on The TRADE.

Zurich-based Wanner most recently served as executive director – equity sales trading at Morgan Stanley.

During his tenure at the firm, he was a member of the institutional equity sales and trading desk in Europe for global equity cash flow, as well as leading and implementing the first execution service desk (ESD) on the continent for Morgan Stanley.  

Read more: Fireside Friday with… Morgan Stanley’s Maria Salamanca Mejia

Wanner has more than a decade of experience in global equity sales trading, having also previously worked at UBS, in roles including director, equity sales trading – emerging markets and Asia Pacific. 

Last August, Stifel made a number of job cuts to its London equities business, as revealed by The TRADE. The job cuts were not part of a mass layoff or a larger restructuring of the firm, but part of a regular review of the business, according to sources at the time.

The post Stifel appoints ex-Morgan Stanley equity sales trader as director of global low touch execution services appeared first on The TRADE.

The SEC found that Morgan Stanley and Passi disclosed confidential information about the sale of large quantities of stock as well as failure to enforce its policies concerning the misuse of material non-public information related to block trades.

“Sellers entrusted Morgan Stanley and Passi with material non-public information concerning upcoming block trades with the full expectation and understanding that they would keep it confidential,” said Gary Gensler, SEC chair.

“Instead, Morgan Stanley and Passi abused that trust by leaking that same information and using it to position themselves ahead of those trades. While their conduct may have earned them tens of millions of dollars on low-risk trades, it violated the federal securities laws. Thanks to the hard work of the SEC staff, they are being held accountable.”

The SEC’s orders show that from at least June 2018 until August 2021, Passi and a subordinate on Morgan Stanley’s equity syndicate desk disclosed non-public information related to impending block trades, that were potentially market moving, to select buy-side investors despite the sellers’ confidentiality requests as well as the firm’s own policies regarding the treatment of confidential information.

Morgan Stanley and Passi, according to the SEC’s orders, disclosed the block trade information enabling buy-side investors to “pre-position” by taking a significant short position in the stock that was the subject of the upcoming block trade.

The SEC’s orders show that if Morgan Stanley eventually purchased the block trade, the buy-side investors would then request and receive allocations from the block trade from Morgan Stanley to cover their short positions. According to the SEC, this pre-positioning reduced Morgan Stanley’s risk in purchasing block trades.

The SEC has ordered Morgan Stanley to pay approximately $138 million in disgorgement, approximately $28 million in prejudgment interest, and an $83 million civil penalty.

Elsewhere, Passi has been ordered by the SEC to pay a $250,000 civil penalty, and imposes associational, penny stock, and supervisory bars.

“Despite assuring selling shareholders that they would keep their efforts to sell large blocks of stock confidential, Morgan Stanley and Pawan Passi instead leaked that material non-public information to mitigate their own risk, win more block trade business, and generate over a hundred million dollars in illicit profits,” said Gurbir S. Grewal, director of the SEC’s Division of Enforcement.

“When market participants game the system for personal gain in this way, it erodes investor confidence and undermines market integrity. Today’s fraud charges underscore our commitment to holding wrongdoers accountable, no matter how complicated the fraud or sophisticated the perpetrators.”

The post Morgan Stanley and former executive charged by SEC for fraud in block trading business appeared first on The TRADE.