Joe Valentine, a longtime Bear Stearns mortgage-backed securities derivatives trading veteran, left the firm several weeks ago, according to people familiar with the situation. He was unavailable to comment. Several competitors say he had been with the firm about seven years, and it could not be determined what his future plans are. One Bear Stearns insider says Sam Choi, a trader recently brought over from the firm's proprietary trading arm, was named head of the firm's book. Choi, who joined the firm several years ago from Visible Markets, the electronic bond trading network he co-founded, did not return a call seeking comment. Bear Stearns officials declined to comment.
Valentine's departure comes at a time when the technical and rate-driven pressures on interest-only bonds have proven very painful for many dealers and hedge funds (BW, 6/16). It could not be determined why he left the firm.