All material subject to strictly enforced copyright laws. © 2022 Euromoney Institutional Investor PLC group
Derivatives

Ex-Morgan Stanley Vets Reunite To Launch Jefferies Equity Desk

Jefferies & Co., a U.S. investment bank targeting mid-cap investors and companies, is setting up a dedicated exchange-traded fund and index derivatives trading operation and has hired two former Morgan Stanley veterans to launch the business.

Jefferies & Co., a U.S. investment bank targeting mid-cap investors and companies, is setting up a dedicated exchange-traded fund and index derivatives trading operation and has hired two former Morgan Stanley veterans to launch the business. Daniel Medina, most recently a partner at Bluefin Trading, and Harry Silver, a managing director at hedge fund Galleon Group, are launching the new set up. The two formerly worked together at Morgan Stanley, where Silver replaced Medina as head of index derivatives trading.

Client demand for ETFs and index derivatives has encouraged the firm to set up a dedicated desk to trade the products and offer capital commitment, said Medina. The desk will initially focus on exchange-traded funds, due to the demand from Jefferies' clients for straight equity products, he said. Jefferies already offers some ETF and index derivatives trading, but did not have a dedicated business.

Although Jefferies operates a strong cash equities operation, the firm is less well known in derivatives. As long-term players in equity derivatives both Medina and Silver will have many client relationships that will aid them in beefing up the new activity, noted one observer. The firm already runs a convertible bond operation, which includes both client and proprietary trading desks.

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree