Investment bank Citi has lost one of the leading figures responsible for revamping its electronic trading business over the last few years.
Steve Swanson, co-head of global electronic trading, has left the firm to pursue other opportunities, according to an internal memo seen by theTRADEnews.com.
Swanson joined Citi in 2008 when it purchased the US-based electronic market making and proprietary trading business he headed, Automated Trading Desk (ATD). Since then, Swanson has held responsibility for rolling out Citi’s electronic trading offerings globally, including the Citi Match internal crossing engine in the US and Europe, and the Lava suite of products, which comprise a FX platform, US electronic communications network and order routing technology.
Swanson’s role will be assumed by Dan Keegan, currently co-head of global electronic trading sales at Citi, effective immediately. Keegan will partner Shakil Ahmed, the bank’s other co-head of global electronic trading and global head of quantitative strategies at Citi Capital Advisors. Prior to joining Citi, Keegan was responsible for building and managing ATD’s institutional business and was a member of ATD’s executive committee.
“Over the last three years, it has been a strategic priority for Citi to transform our electronic trading product offering and organisational structure,” read the memo sent by Derek Bandeen, head of global equities trading, Citi. “Dan’s strategic vision, customer focus and management experience will prove invaluable as he and Shakil continue to drive innovation, product development and client service while ensuring that the benefits of same accrue to all parts of Citi’s global equities franchise.”