JP Morgan picks leaders for new electronic trading unit

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The US bank said in May that it had handed David Hudson, formerly chief financial officer of its markets division, a new role as global head of markets execution.

Hudson, who reports directly to investment bank head Daniel Pinto, is responsible for the electronic distribution of all of JP Morgan’s markets products, including trading, sales, research and analytics products.

His remit includes oversight of execution services, a unit created in 2014 to help clients trade all asset classes electronically, as well as all partnerships the bank has with other platforms and emerging technologies, such as the chat tool Symphony.

In a memo sent to staff on November 22, and seen by FN, Hudson revealed his leadership team and set out his vision for the division, saying: “In simple terms, markets execution will focus on providing clients with electronic distribution of markets products – in whatever way they choose – today and into the future.”

He added that it would also ensure the bank has “connectivity, platforms and tools to allow our traders, salespeople and most importantly our clients to access research, analytics and pricing, as well as execute transactions and manage post-trade processes efficiently”.

The memo included the hire of Debra Herschmann from Goldman Sachs as head of user experience for JP Morgan’s investment bank. Herschmann will also join the management team of Lori Beer, the chief information officer for JP Morgan’s investment bank.

Hudson said Herschmann would help the bank use “leading-edge technology and design standards that will improve the user experience while lowering the cost of execution for our clients and for ourselves”.

Other key appointments include Richard James, currently head of currencies and emerging markets execution services, and Peter Ward, global head of futures and options execution services, who will co-lead markets execution for macro products.

Daniel Ciment will continue to lead the bank’s equities electronic client solutions business – essentially its electronic equity trading unit – reporting to Luiz de Salvo and Dennis Fitzgerald, who were recently announced as co-heads of global cash trading in equities.

Adam Shapiro will lead markets execution for spread markets, reporting also to Samik Chandarana, head of global credit indices and global credit e-trading, for his e-trading responsibilities.

John Roberts will oversee the electronic distribution of research, while continuing to report to Guy Halamish, who replaced Hudson as the bank’s CFO for its markets division.

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