Mazen Najjar

The builds on the firm’s existing presence in the region as Marex looks to enhance its offering to institutional clients across MENA. 

Shahab Hashemi, chief executive (MENA) at Marex, said: “This strategic move strengthens our current operations and better positions us meet the evolving needs of our clients in the region. Incorporating prime services to our offering allows us to deliver more tailored and localised solutions to hedge funds, family offices and other institutional clients.”

As part of this push, Mazen Najjar has been appointed in an institutional sales role in the prime services team, the first hire for the team in the jurisdiction. Prior to joining Marex, Dubai-based Najjar spent six years at IG Prime.

Mazen is set to focus on developing the prime services team’s regional sales strategy, bolstering its presence in the region and forging partnerships. 

“We welcome Mazen Najjar to our Dubai office. His extensive experience in prime brokerage and client-led approach will be invaluable in delivering localised support to our growing hedge fund and family office client base,” said Jack Seibald, global co-head of prime services and outsourced trading at Marex.

“This development builds on Marex’s momentum in the region and reinforces our commitment to providing enhanced support and tailored solutions to institutional clients.”

The post Marex Prime Services establishes UAE presence appeared first on The TRADE.

As part of the move, Marex will become a member of LCH’s SwapClear service on 15 July 2024, subject to final approval.

Marex will become the first non-bank futures commission merchant (FCM) clearing member to offer client clearing of interest rate swaps via the LCH SwapClear service, aiming to meet client demand for greater counterparty risk diversification, clearing capacity and enhanced market connectivity.

Client clearing of interest rate swaps expands Marex’s existing clearing memberships spanning across energy, commodity and financial markets.

Marex’s non-bank clearing solution is broker agnostic and will complement existing bank relationships.

“Our entry into interest rate swap clearing is a significant move given the size of this market and complements our existing clearing offering,” said Thomas Texier, head of clearing at Marex.

“Recent consolidation in the interest rate swaps clearing market has heightened the need for new players. Our clients will be empowered to trade with greater confidence using Marex’s robust balance sheet, comprehensive end-to-end offerings and our consistent delivery on excellent client service.”

The post Marex to provide client clearing of interest rate swaps through LCH’s SwapClear appeared first on The TRADE.

Jack Seibald

Specifically, the arrangement will see Stifel’s institutional sales and trading group offer its institutional client base access to Marex’s multi-asset class custody, financing, securities lending, and capital introduction.

The move comes as Stifel looks to enhance its differentiated products offering, explained John Spensieri, co-head of equity trading at Stifel: “Our sales and trading group at Stifel is primarily driven by the goal of offering our clients exceptional service coupled with unparalleled value.

“Marex has a well-established prime brokerage and outsourced trading business, with technology-powered data, that will complement our emphasis on offering differentiated products to meet the evolving needs of our global client base.”

As part of the partnership, Marex’s institutional clients will receive access to Stifel’s research, banking, and corporate access offerings.

Currently, Stifel’s global sales and trading team consists of traders across the US, UK, Europe, and Canada, with its offering encompassing: block trading, portfolio, and algorithmic trading, ETFs, commission sharing arrangements, options trading, and convertible and preferred trading. 

Read more: Fireside Friday with… Stifel’s Raymond Powell 

Jack Seibald, global co-head of prime brokerage services and outsourced trading at Marex, explained: “This partnership is a key differentiator that will further enhance our capabilities and complement efforts to expand the global reach of both firms.” 

The post Stifel and Marex unveil outsourced trading partnership under new broker referral scheme appeared first on The TRADE.

Citi appointed Mitali Sohoni as new head of North America markets alongside other senior leadership changes. Sohoni has been selected to head up the bank’s North American markets business alongside her existing role as head of asset backed financing. In her new role  she will coordinate strategy for the division. Sohoni joined Citi 19 years ago and during her tenure has overseen several business areas, including: credit financing, asset-backed securities, clean energy, global infrastructure, residential, Citi Community Capital, municipal, and Citi’s Asset Finance Group.

Elsewhere, Citi named a new chief executive of its broker dealer entity Citigroup Global Markets Inc (CGMI). Dina Faenson takes on the responsibility alongside her existing role as head of markets counterparty trading and risk. Faenson joined Citi in 2005 as a credit valuation adjustment (CVA) trader. During her tenure she has gone on to serve in several capacities across North American rates trading, rates and currencies, cross-markets, and X-value adjustment trading.

Banque Havilland multi asset trader Mark Ralph joined the prime services team at Marex, based in London. Ralph joined from Banque Havilland where he served for seven years, most recently working in prime services and as a multi asset trader, focused on trading strategies and “bespoke” multi asset solutions for clients. Prior to this, he spent more than eight years at Societe Generale Corporate and Investment Banking (SGCIB), working across multi asset sales and trading, hedge fund sales, and prime brokerage.

DWS Group senior equity trader, Alex Cotar, departed for pastures new after over 16 years at the asset manager. Cotar left the asset management arm of Deutsche Bank to join Bankhaus Metzler as an equity sales trader, having originally joined DWS Group back in 2008 as a senior equity trader covering Europe and emerging markets. Prior to joining DWS Group, Cotar spent over 12 years at UBS Investment Bank originally serving in an equity derivatives sales trading role and later working as an equity trader for Europe.

MarketAxess appointed John Maggiacomo as head of client sales in North America, a newly created position at the firm. Maggiacomo joined from Royal Bank of Canada (RBC), where he most recently served as head of US credit sales. Elsewhere in his career, Maggiacomo spent 11 years at Bank of America Merrill Lynch, where he served as managing director, credit sales. As part of his new role, Maggiacomo will be responsible for sales leadership for MarketAxess’ North American client sales segment, with a focus on expanding its institutional client footprint across all product areas.

The post People Moves Monday: Tradefeedr, Citi, Marex and more… appeared first on The TRADE.

Mark Ralph

Speaking about Ralph’s appointment, Jack Seibald, managing director and co-head of Marex Prime Services and Outsourced Trading, said: “Thrilled to welcome the newest addition to our expanding Marex team. 

“His extensive experience, including roles at Banque Havilland and Societe Generale, will augment the invaluable multi-asset trading and prime brokerage expertise of our team.”

Read more: Marex completes acquisition of TD Cowen’s outsourced trading and prime brokerage business

Ralph joins from Banque Havilland where he served for seven years, most recently working in prime services and as a multi asset trader, focused on trading strategies and “bespoke” multi asset solutions for clients.

Prior to this, he spent more than eight years at Societe Generale Corporate and Investment Banking (SGCIB), working across multi asset sales and trading, hedge fund sales, and prime brokerage.

“I am thrilled to share that I have joined the prime services team at Marex London! Extremely excited to be back in my hometown bringing my knowledge and expertise to the team […] All roads seem to be leading to Marex at the moment and thanks to the team for the warm welcome,” said Ralph in a social media post.

Last month, Marex hired former JP Morgan AM emerging markets specialist Ron Catena as it sought to bolster its fixed income outsourced business. At the same time, John Orrock was named head of fixed income outsourced trading, alongside several other senior appointments in the division.

Commodities specialist Marex completed the acquisition of TD Cowen’s outsourced trading and prime brokerage business in December last year, following which the business was rebranded Marex Prime Services and Market Outsourced Trading.

News broke of the split with TD in June 2023, with the firms concluding that the prime brokerage and outsourced trading business being divested to a partner more “strategically and geographically aligned” to the platform was in the best interests of clients.

The post Banque Havilland multi asset trader joins Marex’s prime services team appeared first on The TRADE.

Replacing Siegel, Marex appointed John Orrock as head of fixed income outsourced trading at Marex, alongside several other senior appointments in the division. Orrock takes up the fixed income reins after having served as managing director since February 2022, prior to the spin-off of the outsourced business from Cowen. Prior to joining Cowen International in 2022, Orrock was head of emerging markets and outsourcing at Aurel BGC and before that worked as a trader at BlueBay Asset Management for more than 17 years. He has also held senior roles at Martin International Securities and Tullet & Tokyo Securities.

Alongside Orrock’s new role, Ron Catena was named director, fixed income outsourced trading, joining from JP Morgan Asset Management, where he most recently served as executive director, emerging markets fixed income. Catena has three decades of experience in financial services including a wealth of buy-side trading expertise having previously held senior positions at various firms, including: Vandham Securities, First New York Securities, Securevest Financial Group/GCP, Santander Investment, Donaldson, Lufkin & Jenrette, and Morgan Stanley. 

Marc Wanner was named director, global low touch execution services at US investment bank Stifel, following nine years at Morgan Stanley. 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. 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. 

The post People Moves Monday: Jefferies, Marex and Stifel appeared first on The TRADE.

Orrock takes up the fixed income reins after having served as managing director since February 2022, prior to the spin-off of the outsourced business from Cowen.

Prior to joining Cowen International in 2022, Orrock was head of emerging markets and outsourcing at Aurel BGC and before that worked as a trader at BlueBay Asset Management for more than 17 years.

He has also held senior roles at Martin International Securities and Tullet & Tokyo Securities.

Read more: Marex hires in ex-Winterflood Securities equities trader

Alongside Orrock’s new role, Ron Catena has been named director, fixed income outsourced trading, joining from JP Morgan Asset Management where he most recently served as executive director, emerging markets fixed income. 

Catena has three decades of experience in financial services including a wealth of buy-side trading expertise having previously held senior positions at various firms, including: Vandham Securities, First New York Securities, Securevest Financial Group/GCP, Santander Investment, Donaldson, Lufkin & Jenrette, and Morgan Stanley. 

Speaking in an announcement on social media, Catena said: “I am pleased to be a part of the fixed income outsourced trading team at Marex. I look forward to applying my extensive experience to benefit our firm’s clients and collaborate with my new colleagues to further build out our bespoke services.”

Commodities specialist Marex completed its acquisition of TD Cowen’s outsourced trading and prime brokerage business in December last year. The business was rebranded as Marex Prime Services and Market Outsourced Trading, with both becoming part of the Marex Capital Markets business – formed last year following the acquisition of ED&F Man Capital Markets.

News broke of the split with TD in June 2023, reportedly concluding it would be in the best interests of clients if the prime brokerage and outsourced trading business were divested to a partner more “strategically and geographically aligned” to the platform.

The post Former JP Morgan AM emerging markets specialist among new hires at Marex as it bolsters fixed income outsourced business appeared first on The TRADE.

Robbert Booij is set to take over as chief executive of Eurex Frankfurt AG, effective from 1 July 2024, succeeding Michael Peters in the role. Booij, who is joining the Eurex executive board in May, most recently served as chief executive of ABN AMRO Clearing, having been appointed in 2018. He has also previously held senior positions at: ICE Clear Netherlands, AFN, and the FCA. Booij is also currently chair of the European Advisory Board and member of the Global Board at FIA, as well as having previously served as chair of the Eurex exchange council. 

Abhay Kumar Sinha was named co-head of credit trading, Asia Pacific at Barclays, set to lead the credit business alongside James Roberts. Sinha has held numerous senior positions during his 25 years in the credit industry, having most recently served at Deutsche Bank for seven years, including as managing director and head of special situations – Asia. He also led Deutsche Bank’s corporate financing business in India and contributed heavily to the development of the bank’s structured finance business across south and southeast Asia. 

Mark Burgess joined commodities specialist Marex as equities trader following a 14-year stint at Winterflood Securities. Burgess joined market maker Winterflood back in 2009 and has served as European equities trader, head of European market making, and most recently UK equities trader. Burgess’ appointment follows two other traders, Ben Ralph-Davies and Joel Russell, who left Winterflood’s London business last year to join rival market maker Shore Capital, according to sources. 

Virtu Financial appointed Simon McGhee in an exchange-traded product (ETP) and fixed income sales role. McGhee joined Virtu Financial after a career break, which followed a nearly eight-year stint at Bluefin Europe. While at Bluefin, McGhee most recently served as a partner – a position he held for 10 months. Prior to that, he was director, head of ETF business development at the firm. Before joining Bluefin, McGhee held an iShares capital markets role at BlackRock for three years. His previous roles include stints as a portfolio/ETF execution trader at Barclays Capital; pan European sales trader at Blue Oak Capital; stockbroker at Compagnie Financial Tradition; equity dealer at City Equities.

The post People Moves Monday: Goldman Sachs, Eurex, Barclays and more… appeared first on The TRADE.

Burgess joined market maker Winterflood back in 2009 and has served as European equities trader, head of European market making, and most recently UK equities trader.

In recent times, Winterflood – whose parent company is Close Brothers – saw its annual profits collapse by 75% to £3.5 million in 2023, as investors shunned mid and small-cap stocks. Following this, Winterflood cut twenty positions across its London office, including six traders, as revealed by The TRADE. 

Just prior to this news, two other traders, Ben Ralph-Davies and Joel Russell also left Winterflood’s London business to join rival market maker Shore Capital, according to sources. 

Last December, Marex completed the acquisition of TD Cowen’s outsourced trading and prime brokerage business, first announced in September 2023.

The business was rebranded as Marex Prime Services and Market Outsourced Trading, with both becoming part of the Marex Capital Markets business – formed last year following the acquisition of ED&F Man Capital Markets.

The post Marex hires in ex-Winterflood Securities equities trader appeared first on The TRADE.

At number ten was a story broken by The TRADE in September, news that Cowen’s prime brokerage and outsourced trading business had been acquired by Marex just six months after TD completed its purchase of the business.

This came amidst a near-constant stream of mergers and acquisitions across both the sell- and buy-side this calendar year. Demonstrably, more and more, companies are looking to ‘fill the gaps’ in their offerings, not by growing but by incorporating those who are already primed.

The acquisition was completed earlier this month, with operations acquired set to be rebranded as Marex Prime Services and Market Outsourced Trading, with both becoming part of the Marex Capital Markets business (formed last year following the acquisition of ED&F Man Capital Markets). Following the acquisition, the business will continue to be led by Jack Seibald and Michael Rosen.

Speaking in an announcement Ian Lowitt, chief executive of Marex, said: “Mike and Jack have built a terrific business, and its addition to Marex broadens the range of essential infrastructure we provide to clients, as well as creating opportunity for Marex to provide additional services to a new set of clients. Expanding our capital markets business also adds to our diversification and to the resilience of our franchise.”

The acquisition followed an announcement in June from TD Bank Group and Cowen that the prime brokerage and outsourced trading businesses were parting ways just months after the deal was completed, seeking a more ‘strategically and geographically aligned’ partner.

TD Bank Group completed its all-cash $1.3 billion acquisition of Cowen in March – following an initial announcement in August 2022. The plan was to create an integrated North American dealer to significantly advance its growth strategy in the region, specifically through the addition of Cowen’s US equities sales trading, execution, and research offering. 

TD will continue to operate its own prime services business despite the Cowen spin-off

9. Ninety One shakes up trading leadership with new global deputy and lead for South Africa

The TRADE is renowned for its coverage of people moves, with one of the most read this year being the news that asset manager Ninety One had promoted from within for its new deputy global head of trading and head of trading for South Africa.

The TRADE revealed that former head of trading for South Africa at Ninety One, Doug Blatch, had been selected to support global head of trading at Ninety One, Cathy Gibson, as deputy, taking up the role after 26 years at the business.

Yanela Songca

Chosen to replace him in his regional role was Yanela Songca who has been appointed to take up the trading reins in South Africa after serving as a senior trader at Ninety One for nearly nine years. Songca’s appointment comes after nine years with Ninety One, originally joining the asset manager in 2015. He will report to Blatch.

Gibson told The TRADE: “The enhancement of his [Blatch’s] role is reflective of his contribution to the global book of business.

“[…] Throughout his career, Yanela has garnered cross asset-capabilities, having commenced his career on the equity desk before transitioning to the fixed income desk, this is no small achievement given the structural differences between the asset types. I would congratulate both Yanela and Doug.”

8. LSEG outage suspends trading on AIM stocks

At number eight came the attention-grabbing news from October that the London Stock Exchange (LSE) had experienced an outage which left just FTSE 100, FTSE 250 and IOB securities still available for trading.

LSE, who at the time of the story’s publication was still investigating the fault, explained that AIM stocks specifically were currently halted, with the exchange confirming that “orders in all other instruments currently halted will now be expired”.

More recently, this month, LSEG experienced another such outage, its second on AIM stocks in less than two months.

The outages are likely to spur on ongoing analysis by regulators globally over the stability and resilience of exchanges and procedures during market outages – specifically as regards their communications.

In May, ESMA published its opinion on how trading venues should manage their operations and communication in the event of a market outage, with the comments following a consultation which the regulator launched in September 2022. ESMA reiterated that prior to an outage, venues should have a clear outage plan in place to be deployed should such an event occur.

In addition, earlier this year the UK’s Financial Conduct Authority (FCA) set out plans to create a taskforce to work on “good practices” in relation to conduct during an outage, as part of a secondary markets overhaul – announced in May.

During the second outage, LSE confirmed in a member notice at 9:23 on the morning of 5 December that it was investigating an issue impacting its trading system and that it was “undertaking immediate analysis”. Trading on all instruments other than FTSE 100, FTSE 250 and IOB securities was halted until 9:55 am when the exchange confirmed that it was set to resume trading at 10:15 am.

“Instruments will go into auction at 09:55 with uncrossing beginning at 10:15. All live orders remain on the system,” said the exchange in an update. However, following the opening of trading once again with said auction the problem reoccurred. In an update at 11:56 am, the exchange confirmed the issue was ongoing and that it was continuing to investigate. Trading resumed at 12:43 pm UK time.

The market has become increasingly concerned about the flurry of outages seen across the market. In June, SIX Swiss Exchange experienced its worst outage for over 10 years, halting trading for three hours, and other previous outages include Nasdaq’s Nordic markets which closed on 16 November 2022 without an auction, while marketplaces of the European exchange operator, Euronext, also suffered a three-hour interruption to trading on 19 October 2020.

Deutsche Börse also experienced two separate outages during 2020 due to software glitches. The issue is also one present outside of the EU, with a software issue coinciding with the launch date for the upgraded ASX Trade system, provided by Nasdaq, which forced the ASX to shut down for four hours on 16 November.

The post The TRADE’s most read stories of the year part one: Major acquisitions, senior appointments and exchange outages appeared first on The TRADE.