Two years is a long time to be out of the market, particularly when you're a trader. And yet, a trader who left Nomura in 2016 and who hasn't been employed since according to his LinkedIn profile, just got rehired in a better job at J.P. Morgan.
Benjamin Borrel left Nomura after it shut down its European equities business in April 2016. He joined JPM as an executive director in London earlier this month and will handle systematic equity trading for the Central Risk Book (CRB).
As we reported previously, central risk book trading has been given a shot in the arm by MiFID II regulations, which came into force earlier this year. The new rules have encouraged banks to set up their own systematic internalizers, which make centralized risk trading and hedging an inevitability.
Borrel also worked on the central risk book and systematic equity trading at Nomura. His ability to find a new role at JPM two years after leaving the Japanese bank was undoubtedly helped by a 17 month stint at J.P. Morgan in 2012, before he went to Nomura. Before that, Borrel spent over eight years at Goldman Sachs and a year at Millennium. Basically, he has pedigree.
Borrell didn't respond to a request to comment for this article. J.P. Morgan isn't the only bank hiring for its central risk desk now. Headhunters tell us most banks are in the market for central risk and systematic equities talent. Michael Steliaros, global head of quantitative execution services, has been building out a systematic equities team at Goldman Sachs. J.P. Morgan is seen as one of the more advanced banks in the area after focusing on algorithmic trading for the past few years, while banks like Goldman Sachs fell behind.
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