MIS Brokers, part of the Cantor Fitzgerald group, has started trading OTC equity derivatives in the inter-dealer market, according to firm officials. MIS, which already offers inter-dealer bond and repo services, has hired a team of equity derivatives traders from Prebon Marshall Yamane. David Heath, previously head of OTC equity derivatives at Prebon, is responsible for building up an equity derivatives inter-dealer business at MIS.
Heath and his team joined MIS two weeks ago and are offering options on Euro STOXX, FTSE, DAX and single stocks, as well as more bespoke trades such as variance swaps, according to Heath. Several rival brokers said the inter-dealer equity derivatives market is highly competitive and could be difficult for a new player like MIS to break into. Heath, however, noted his team brings significant experience to MIS.
Emma Kane, spokeswoman for Prebon at Redleaf Communications, did not return calls.
