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Screenshot of a breaking news alert e-mail from Q2 2017
Katy Burne of the Wall Street Journal broke news today that Ryan Sheftel, the global head of fixed-income electronic trading at Credit Suisse Group AG , left the firm earlier this month to take up a new post at Global Trading Systems LLC, said people familiar with the matter.
Global Trading Systems is a large computer-driven trading company that uses proprietary algorithms to trade in a range of stocks, commodities, currencies and derivatives around the world. The firm trades as principal via GTS Securities, LLC, a FINRA regulated broker-dealer.
GTS is hiring Mr. Sheftel as its global head of fixed income to broaden its trading presence in Treasury bonds and interest-rate derivatives, said people familiar with the discussions. On average, GTS accounts for 3% to 4% of U.S. stock-trading volumes and similar volumes in U.S. Treasury futures, at times reaching 5% to 10% of daily volumes.
The opportunity for GTS and other HFT firms comes amid a reshaping of the fixed-income markets as investors increasingly adopt electronic trading systems and integrate within updated regulatory regimes.
Electronic trading was a key focus for Credit Suisse under Mr. Sheftel. Among other responsibilities, he was head of one of the bank’s newest subsidiaries, Wake USA LLC, which the Swiss bank was using to trade U.S. Treasurys, bond futures and other products electronically.
The Wake venture was a partnership with Tower Research Capital LLC, which develops electronic trading technology. Mr. Sheftel is serving three months of gardening leave before he joins the firm, said the people familiar with his hiring and hasn’t yet been replaced in his former role.