Sources have confirmed that Tim Wildenberg has left his position as head of UBS' Direct Execution electronic trading division, EMEA, to join rival broker Citi.
He is likely to replace Jack Vensel, who was recently promoted to head of wholesale at Citi, as the head of the bank's electronic trading team.
Wildenberg, who was at UBS for 14 years, is understood to have left on good terms.
It is expected that Chris McConville, Jon Fletcher and Richard Webb, executive directors within the Direct Execution division, will be covering Wildenberg's role in the short-term.
Phil Allison, global co-head of direct execution and head of client trading for EMEA will be responsible for picking a successor.
Both UBS and Citi declined to comment.
In other news, at an employment tribunal in London, the London Stock Exchange has acknowledged that it unfairly dismissed Eli Lederman, the former CEO of multilateral trading facility Turquoise, in which it acquired a majority share in February 2010.