Citi bolsters electronic execution with hire

Move will help firm push out its MiFID II execution offering.

Citi has hired Axoni’s COO, Tom Chippas, as managing director and global head of quantitative execution.

The hire is part of Citi’s push to strengthen its execution offering ahead of MiFID II implementation next year.

Chippas will be responsible for expanding the global footprint of Citi’s low latency execution platform. He will be based in New York and report to Adam Herrmann, global head of prime finance, and Armando Diaz, global head of cash trading.

He has over 20 years of experience in low-latency electronic execution and has spent time at Citadel Technology, Barclays and Deutsche Bank.

“Tom brings a vast amount of product knowledge, as well as a deep experience with the global quantitative client base,” said Adam Herrmann. “This expertise is critical in continuing the momentum of our Prime and Equities businesses as we continue to invest in the platform and look to build on the services we currently offer our clients.”