A former electronic trader at Citigroup is building a new team at Bank of Montreal (BMO) in London.
Kavel Patel left Citi's electronic trading team after 11 years a few months ago and arrived at BMO last week to build an electronic trading business in Europe. Additional hires are expected soon, with further recruitment expected next year. The business is expected to begin operating in February 2022.
BMO's push into electronic trading in Europe follows its 2020 purchase of Clearpool, an algorithmic trading specialist founded by Knight Capital veterans. Eric Stockland, a former Knight Capital trader and chief strategy officer at IEX Group, joined in Chicago this time last year.
As BMO builds its electronic trading capabilities, it's also expected to focus on expansion in prime broking. The Canadian bank's exposure to Archegos was "immaterial", and it's already begun adding prime broking talent in the U.S. as a means of attracting hedge fund clients.
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