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BGC Partners BGC Partners has been expanding its electronic trading business in 2011. In May it executed its first fully electronic euro sterling interest rate option on its Volume Match tool on BGC Trader, three months after it executed its first fully electronic Australian dollar interest rate swap and electronic sterling interest rate swap on BGC Trader. Analysts point to the growth of the firm’s electronic interest rate derivatives trading business, which in the first quarter of 2011 drove a 24.9% year-on-year increase in fully electronic trading revenues, as evidence to the expansion the firm has made in staff and technology over the last year. Those personnel seen as driving the expansion include Howard Lutnick, chairman and ceo, Shaun D. Lynn, president, and Philip Norton, global head of e-commerce.
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Bank of America Merrill Lynch The firm has landed investor plaudits for its emerging market structured product coverage and inventiveness in cross-asset solutions. They cited the firm’s presence and marketing of cross-asset products in Asia, such as the launch of its USD8 billion retail structured note program in Singapore. Over the last year the firm has been expanding teams in Europe, the U.S. and Asia, with notable hires including Anupam Gupta as head of Central and Eastern Europe, Middle East and Africa structuring, and Paul Hansen as head of Canadian structured solutions. Senior officials include Yonathan Epelbaum, head of U.S. structuring, and Alexis Besse, head of rates and currencies structuring.
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Bank of America Merrill Lynch Bank of America Merrill Lynch stood out among its peers for its strength in making markets. The firm has been pushing its interest rates derivatives business globally, with Craig Reynolds as head of North American rates trading and Chris Hodson leading rates trading for Europe, the Middle East and Africa. The firm has been at the front of the over-the counter derivatives clearing charge, last year launching its global futures and derivatives clearing services group.
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Bank of America Merrill Lynch Investors named Bank of America Merrill Lynch as a leader in fx citing strength in pricing across a variety of vanilla products. They also lauded the expansion of its electronic platforms over the past 12 months. The firm rolled out a platform which can auto-quote swaps of Fenics’ request-for-quote system, one of only three firms currently capable of doing so. The firm was also praised for its eFX offering, which last year launched a new capability for institutional and corporate clients to trade fx options electronically. The team is run by Tom Gillie, global head of fx options.
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Citigroup The firm has moved up the ranks in equity derivatives globally, partly as a result of senior level hires over the last 12 months who’ve brought more complex derivative product knowledge to the business. One noteworthy development has been its innovation in providing products and services to investors which allow them to take advantage of the arbitrage between the roll of the VXX and the VIX. Simon Yates in the U.S., Rachel Lord in Europe and P.J. Andersson in Asia, head up equity derivatives in their respective regions. Notable hires over the last 12 months include Frederic Valmorin and Rory Hill in equity derivatives trading in London, and Brennan Warble as head of equity sales trading in New York.
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Barclays Capital Barclays Capital’s credit derivative business was cited by investors as a constant provider of liquidity in the market and as one of the market share giants. Led by Eric Felder, head of global credit trading, the dealer has stood out for leading innovation in the credit derivatives market. BarCap was the first dealer to clear an over-the-counter credit derivative for a European asset manager, Robeco. The firm also began making markets on General Motors credit default swaps, despite the fact there were no outstanding GM bonds to reference after the company emerged from bankruptcy. In December, the firm began sending out initial price runs on the CDS, which quickly became a liquid two-way market.