Credit Suisse has parted ways with a senior figure in its electronic trading business at a crucial time for banks, which are grappling with how to bring e-trading practices commonly used in equities to other asset classes.
Nas Al-Khudairi, Credit Suisse’s head of global markets electronic products, is leaving after more than two decades at the Swiss bank, according to a memo reviewed by Financial News. A spokeswoman for the bank confirmed the memo’s contents.
Al-Khudairi joined Credit Suisse in 1997 with its acquisition of BZW and was named head of global markets electronic products in January 2016. He managed the bank’s algorithmic trading business – Advanced Execution Services – across equities and fixed income, as well as electronic foreign exchange and credit in the Americas and Europe, the Middle East and Africa.
His departure comes less than four months before the implementation of the second iteration of Europe’s Markets in Financial Instruments Directive. Mifid II will bring greater transparency to the bond markets. This could drive more fixed income products onto electronic platforms, leading banks to look at how they can leverage existing technologies to benefit from this.
Al-Khudairi’s exit follows the departure of Stephen Dainton, who had been co-head of global markets for Emea. Barclays named Dainton as its new global head of equities in August.
Anthony Abenante, the former chief executive of agency broker Instinet, who joined Credit Suisse in the summer, will take on Al-Khudairi’s responsibilities for Advanced Execution Services, the memo said, with Mike DiIorio, head of Emea equities, to take charge of cash equities in the region.
The memo said that Al-Khudairi’s “understanding of our clients’ evolving global product needs and his deep knowledge of the electronic trading industry has been key to positioning our business for success”.
The news of Al-Khudairi’s departure was reported first by efinancialcareers.
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