As BTIG electronic trading thinks about the future, we are prioritising developing junior talent with a diverse skill set and background including critical thinking, resourcefulness, and a strong work ethic. 

A good indicator for critical thinking is a robust education in science and mathematics. The latter teaches discipline, reasoning, and completeness. Moreover, a foundational grasp of statistics is also important as many of our methodologies rely on it to uncover truths through sampling and identify biases. 

Resourcefulness is often highly correlated with programming skills. People who love programming are usually very curious and have developed good engineering skills – they learn how to make things work. Solid programmers understand core principles like organisation, abstraction, and modularity which are also important attributes for traders. The best traders approach their work systematically – they focus on the process without getting distracted by idiosyncrasies in the results.   

BTIG is a firm that prizes innovation. We look for talent that can ace new technologies and tackle problems with agility, precision, foresight, and creativity.  

When it comes to sourcing better liquidity, how important is human-to-human interaction today? 

The sweet spot of high-touch trading is finding a natural cross, pairing up a client who wants to sell a large block of stock with another client who wants to buy it. That’s a win all around – both clients avoid the friction of trading in the market and save the associated costs. Trust, discretion and personal relationships are indispensable in such a transaction, so human traders will always do that better than any computer. If you are trying to move a large block, it makes sense to try your high-touch traders first. There are also occasions where a human trader is needed to navigate complex trades with multiple legs, involving derivatives, or with highly specialised requirements. 

However, there are instances where a trader is not able to find a contra. One alternative is for the trader to execute the order principally, where the broker takes the other side of the trade. This entails risk of course, and the price will include a premium to compensate for that risk. This is fair, but it’s not clear that the result is better than an algorithmic execution.  The high-touch handling also incurs a higher commission than an algorithm (low-touch). 

The remaining choice for the trader is to execute the order on an agency basis. For this, the trader will almost surely use an algorithm as a human cannot check all the trading venues as quickly and comprehensively as a computer can.  The trader may add value to that execution by making profitable decisions around when to execute the order and how aggressively. High-level decisions like those are best left to a human trader. They are, of course, very difficult to get right. 

Lower-level execution decisions – venue selection, order types, execution rate, tactics – are best left to the algorithm to determine. These decisions, which involve complex tradeoffs that often change over the lifetime of the order, are the sweet spot for algorithms. In this age of AI, that should not be a surprise and it seems to be gaining acceptance on the buyside with its recent trend toward increased automation and electronic execution. 

Given the distinct advantages of low- and high-touch trading, some clients would like to leverage both. At BTIG, we offer each client the option of allowing the high-touch trader to see its algorithm orders, in case the trader is able to find a contra. For these clients it is the best of both worlds—a high-quality algorithmic execution without forgoing the possibility of a natural cross. 

On the technology side, where is the focus for BTIG electronic trading at the moment? 

We are investing heavily in our technology. Our primary focus is on optimising algorithms for performance.  BTIG’s algorithms have semi-autonomous co-located modules for executing child orders. These constitute the heart of our ability to optimise at the lowest tactical level. For heavy-duty number crunching and analytics, we have a special system component that leverages the Julia programming language, which was created specifically for such tasks. 

For our front office, we have built a data warehouse system that supports analysis, reporting, and research. This system comprises best-in-class tools for data storage, manipulation, and visualisation. Additionally, we have invested in customised tools for real-time monitoring and control. 

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Edward Tilly was named president at Clear Street, 10 months after he resigned as chief executive of Cboe. In the role, Tilly is set to work closely with Chris Pento, CEO of Clear Street, jointly leading the firm through the next phase of growth. Tilly resigned as chief executive of Cboe in September 2023 following the conclusion of an investigation – launched in August – that determined he had failed to disclose personal relationships with colleagues. During his time at Cboe, Tilly was a driving force behind Cboe’s acquisition of BATS Global Markets in 2017, as well as overseeing the launch of products including 0DTE options.

Flavio Paparella was named managing director within BTIG’s global emerging markets fixed income group, joining from Seaport Global Holdings where he also served as a MD focused on LATAM fixed income. In the new role, Paparella will be based in New York and is set to focus on Latin American markets, as the firm seeks to expand its presence in the area. He will report directly to Stuart Kasdin and Pablo Melasecca, co-heads of Latin America and EMEA credit emerging markets. Previously in his career, Paparella ran the institutional structured products Latin America desk for RBC Capital Markets. He also previously served as managing director at both American Express Bank International and Deutsche Bank, Argentina.

Edmond de Rothschild Asset Management appointed Regine Wiedmann as head of distribution for the DACH region. Wiedmann brings more than 18 years of experience in asset management and sales in the German-speaking markets. She initially joined Edmond de Rothschild AM in June 2021 as co-head of sales Germany and Austria, later being promoted to head of sales Germany and Austria in January 2022. Before joining Edmond de Rothschild, Wiedmann served as an executive director at Goldman Sachs Asset Management, responsible for wholesale clients in Germany. Before that, she co-founded Vicenda Asset Management in Zug, Switzerland. Elsewhere, Wiedmann was head of marketing and key account manager at the investment boutique Tiberius Asset Management, also based in Zug, Switzerland.

NatWest Group named Jonathan Peberdy chief executive of NatWest Markets, following 11 months as deputy CEO. The appointment is subject to regulatory approval. Peberdy has been with the business for 25 years and has previously served as head of capital markets. He succeeds Robert Begbie, chief executive, commercial and institutional. NatWest Markets confirmed that Robert Begbie would assume the role of chief executive permanently back in June 2020, having led the business on an interim basis since December 2019. At the time, his appointment was a key feature of the first major leadership restructure by Alison Rose, the chief executive of RBS.

GLMX appointed David Nicol as head of commercial operations. Nicol was promoted to the role after initially joining GLMX as a consultant in December last year. Previously, Nicol served as chief executive and co-founder of corporate bond trading ecosystem LedgerEdge. Before serving at LedgerEdge, Nicol spent nearly two and a half years at R3, most recently serving as a product manager. This followed a five-year stint at IBM, where he also served as a product manager.

Liquidnet appointed Jeffrey Crane head of international for the Americas, as part of the firm’s continued investment in its cross-border business. Crane brings more than two decades of experience in institutional equity trading to the role. He joins from SageTrader where he most recently served as managing director and head of sales, overseeing new business growth for domestic and international trading. Before that, Crane spent more than 20 years with Instinet where he held various positions, including managing the firm’s cross-border business as head of the international desk in New York.

Honor Woods was appointed equity trader at RBC BlueBay Asset Management, based in London. Woods has previous experience working in the institutional equity trading team at AB Bernstein.

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In the new role, Paparella will be based in New York and is set to focus on Latin American markets, as the firm seeks to expand its presence in the area. 

He will report directly to Stuart Kasdin and Pablo Melasecca, co-heads of Latin America and EMEA credit emerging markets. 

Previously in his career, Paparella ran the institutional structured products Latin America desk for RBC Capital Markets. He also previously served as managing director at both American Express Bank International and Deutsche Bank, Argentina.

Read more: Buy-side trading head recommends cautious approach to emerging markets despite strong investor interest

Speaking to the appointment, Michael Carley, head of fixed income credit at BTIG, said: “We are excited to welcome Flavio to our team. His proven track record, combined with his in-depth knowledge of the economic and political landscape of the LATAM region will be instrumental in delivering value to our clients.”

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Alex Livingstone, formerly head of trading for ETFs and FX at Titan Asset Management, joined Titan Investment Solutions as a junior portfolio manager and trader. In this position, he is set to assist Peter Doherty, head of fixed income and investment associate, Christopher Turdean in developing the fixed income trading. He will also be involved in the ongoing management of the Titan Hybrid Capital, Core Credit, and Short Duration IG income funds. Livingstone previously served as head of trading – FX and ETFs at Tavistock Investments.

IEX Group appointed John Palmer to lead its new markets segment as the business looks to drive expansion into new areas and grow its product suite. In the new role, Palmer will be tasked with leveraging IEX’s core system and technology to develop new markets, said the firm. Prior to this move, Palmer was president of Cboe Digital, overseeing the development of digital asset trading platforms and services. Previously, Palmer held numerous leadership positions at Cboe Global Markets, as well as its options and futures businesses. He has also worked for CrossTower and ISE Holdings as global head of product strategy and product management director, respectively. 

BTIG appointed Sean Shanker as a managing director within the electronic trading team, based in New York. In the role, Shanker will focus on driving new initiatives across the firm’s electronic and portfolio trading offering as well as leading key projects. Shanker has more than two decades of experience in the industry, having most recently served as head of product, Americas – equities at Citi. Across his career he has also served as director and senior trading strategist at Bank of America, Merrill Lynch.

Societe Generale moved to bolster its equity capital markets (ECM) offering in the US with the addition of three new individuals, according to an internal memo seen by The TRADE. Nicholas Cunningham was appointed as a senior banker in ECM. He will be focused on the industrial sector and financials sponsors. Elsewhere, Ashish Sanghrajka joined Soc Gen as senior banker in ECM, focused on healthcare and Thomas Feuerstein has relocated from the bank’s Parisian arm as senior banker in ECM focused on technology. In addition to his sector focus, Feuerstein will also work to enhance connectivity for the bank’s European clients into the US equity capital markets, the memo confirmed. David Getzler will remain in his current role as head of ECM US.

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Sean Shanker

In the role, Shanker will focus on driving new initiatives across the firm’s electronic and portfolio trading offering as well as leading key projects.

“Joining BTIG is an exciting opportunity to contribute to a firm known for its innovative approach and client-focused culture. I’m eager to collaborate with a team that consistently delivers exceptional results and to help drive forward our strategic initiatives,” Shanker told The TRADE.

Read more: BTIG appoints new head of Americas portfolio trading and director for electronic trading sales 

Speaking to the appointment, Thomas Smykowski, co-head of securities at BTIG, highlighted the timely appointment of Shanker: “Sean joins us at an exciting time as we continue to invest in the latest technology and talent to stay ahead of industry trends. BTIG is fully committed to developing advanced trading solutions to satisfy the liquidity needs of our most demanding clients, and our appointment of Sean underscores this commitment.”

Shanker has more than two decades of experience in the industry, having most recently served as head of product, Americas – equities at Citi.

Prior to this, he has held various positions in algorithmic and systematic risk trading, product development, sales, engineering, and strategy.

Across his career he has also served as director and senior trading strategist at Bank of America, Merrill Lynch.

“We are excited to welcome Sean to the team. With his guidance and expertise, we will be well-positioned to enhance our technology capabilities, drive growth, and maintain our reputation as a leader in the electronic trading space,” said Stephen Ponzio, head of electronic trading at BTIG.

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Elsewhere, Taylor brings over 20 years’ experience in electronic trading sales to the firm. He will be responsible for expanding the firm’s client base in ADR conversions and electronic trading with a focus on selling its new proprietary algorithmic suite. He joined BTIG from RBC Capital Markets, where he most recently served as global head of equity electronic sales.

Stifel Financial Corporation appointed Aviad Axelrod in an algorithmic trading and execution services related role. Axelrod joined Stifel from Virtu Financial, where he spent the last five years, most recently in an execution services, business development and market structure position. Prior to that, Axelrod spent 15 years at ITG (UK), most recently serving as director for algorithmic trading and smart order routing as well as product management. Before taking on that role, Axelrod served as vice president, product manager for the execution management system (EMS) and market data businesses at the firm. Elsewhere in his tenure at ITG, Axelrod served as a trade support manager and application analyst.

Citi appointed Chris Metivier as a credit derivatives trader. Metivier joined Citi from UBS, where he spent six months serving as a credit derivatives trader. Prior to that, he spent just over two years at Credit Suisse as a macro credit trader.

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As part of his new role, Donohue will hold responsibility for expanding the firm’s portfolio trading and ETF offerings to provide custom solutions for institutional clients to implement their investment strategies.

BTIG stated that Donohue’s understanding of portfolio construction, implementation and ETF tax efficiency mechanisms will help position the firm as a trusted partner for clients looking to launch active or passive ETFs.

“Based on his continued dedication and expertise, Troy has earned a well-deserved promotion within our firm,” said Thomas Smykowski, co-head of securities at BTIG. 

“His role in advancing our ETF sponsor coverage and adeptly guiding clients through the launch and management of their ETFs showcases his instrumental value and leadership.”

Elsewhere, Taylor brings over 20 years’ experience in electronic trading sales to the firm.

He will be responsible for expanding the firm’s client base in ADR conversions and electronic trading with a focus on selling its new proprietary algorithmic suite.

He joins BTIG from RBC Capital Markets, where he most recently served as global head of equity electronic sales.

“We are excited to welcome Henri to BTIG,” said Stephen Ponzio, head of electronic trading at BTIG.  

“His blend of extensive product knowledge and relationship management skills will ensure the delivery of creative solutions tailored to our clients’ needs.”

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Ponzio will be based in New York, responsible for managing the firm’s program trading and ETF market making businesses. He joins BTIG after most recently heading up execution strategy at Millennium – a role he held for nearly 12 years. Previously in his career, he also spent eight years at Citi, building out its US trading algorithms and systematised risk pricing on its cash trading desk.

JP Morgan appointed a new head of global equities amid wider changes to senior leadership in its markets division. According to an internal memo published on Thursday 15 February, Rachid Alaoui has been appointed head of global equities at JP Morgan.

Alaoui was most recently head of global equity derivatives trading at JP Morgan, covering flow derivatives, exotics, corporate derivatives and convertible bond trading franchises. He joined JP Morgan in 2005 as a trader on the equity exotics desk in London. He has since held multiple roles managing equity exotics and flow trading desks in London and head of global volatility trading in equities.

The news follows JP Morgan’s earlier appointment of two new co-heads of its markets division – Jason Sippel and Pranav Thakur – in January as part of wider changes to leadership in the division.

Sippel has been with JP Morgan since 2002. Previously in his career he also served at Overstock.com, Credit Suisse, and Merrill Lynch. He began his career as an analyst at Lehman Brothers in 1993.  Thakur was most recently appointed head of global macro markets and emerging markets credit in 2022 after also previously leading currencies, commodities and emerging markets trading.

MUFG appointed Wael Al Sharif as head of global corporate and investment banking (GCIB) for the Middle East and North Africa (MENA) region, effective from 1 April 2024. He succeeds Elyas Al Gaseer who had held the post of head of GCIB MENA since 2013. Al Gaseer’s role is being transformed to become vice chair of GCIB MENA, responsible for advising MUFG’s senior clients across the MENA region.

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Effective from December 2023, Stephen Ponzio has joined BTIG as its head of execution strategy. In his new role, he will also co-head electronic trading and be responsible for the development of BTIG’s new generation algorithms.

Ponzio will be based in New York, responsible for managing the firm’s program trading and ETF market making businesses.

He joins BTIG after most recently heading up execution strategy at Millennium – a role he held for nearly 12 years. Previously in his career, he also spent eight years at Citi, building out its US trading algorithms and systematised risk pricing on its cash trading desk.

“His expertise in algorithmic trading and strategic management will strengthen our global portfolio and electronic trading team and will enable us to enhance processes and provide optimal solutions for our clients,” said Thomas Smykowski, head of systematic trading at BTIG.

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Nomura Securities appointed Joshua Lukeman as managing director and head of US Delta One Index. Lukeman joined Nomura from Credit Suisse, where he spent nearly 19 years in various leadership and trading roles within the firm’s equity finance business. Most recently, Lukeman served as head of the equity finance group for the Americas, where he oversaw multiple trading desks including equity synthetics, ETF and systematic marketing making. Before joining Credit Suisse, Lukeman spent six years at Morgan Stanley as an equity and index option market maker. At Nomura, Lukeman will expand the firm’s D1 Index and ETF products, alongside bringing additional expertise in related financing products to scale Normura’s broader US equities offering.

AI quantitative analytics provider Overbond appointed Chaim Hack as its new director of sales, based in London. Hack was previously director of business development at Coremont for just under a year, and for Coremont Digital for eight months before that. He was formerly with cybersecurity firm QOMPLX from May 2020 in a variety of roles. Hack first came to the UK in January 2014 as managing director of EMEA business for investment management software firm Enfusion, for whom he set up the firm’s first London office. He started his career in derivatives at JP Morgan, where he worked for six years.  

Fixed income investment banking boutique KNG Securities appointed CIS specialist Igor Nartov as emerging markets (EM) senior advisor. Nartov is a senior fixed income trader with more than 12 years’ experience in EM FX and rates markets. He joined KNG Securities from investment bank VTB Capital, where he oversaw the local currency government bonds trading franchise. Nartov also brings market-making experience in a wide range of products including FX, local rates, interest rates derivatives and structured notes in both EM and G10 areas.

Talomon Capital junior investment director and trader, Michael Truckle, left the firm to join Hudson Bay Capital Management. Truckle was appointed associate analyst at Hudson River Bay Capital after spending the last two years at Talomon. Prior to joining Talomon in 2021, Truckle spent nearly two years at JP Morgan in an emerging markets equities trading role and later in an equity capital markets syndicate role. Truckle was recognised as one of The TRADE’s Rising Stars of Trading and Execution in 2021 alongside peers from across various other buy-side institutions.

Global trading infrastructure provider Exegy made a string of key senior appointments including a new chief executive office, chief financial officer and chief technology officer – as part of its accelerated growth strategy. David Taylor was promoted to the role of chief executive officer, after serving in product strategy and engineering leadership roles at Exegy over the last 18 years. Taylor replaces James O’Donnel, who announced his retirement after leading the company since 2005.

Alongside Taylor’s appointment, Peter Feret was named chief financial officer. Feret brings 25 years of experience in shaping financial strategy for growing companies including Scripps Networks Interactive, which was acquired by Discovery Inc. and Ministry Brands. Elsewhere, Jason White, who has spent 20 years at Exegy, was promoted to the role of chief technology officer. During his tenure at Exegy, White has held leadership roles in engineering, solutions consulting, managed services and product strategy, most recently serving as vice president of product management for market data.

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