Earlier this month, the US equity options electronic market making team at Morgan Stanley was bought out by Citadel Securities. Now, a market making head from Morgan Stanley’s London office has taken matters into his own hands to join a trading firm.
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Sandro Oswald left Morgan Stanley this month for Susquehanna International Group (SIG), working as a quant trader on its central risk book (CRB). He spent nine years at Morgan Stanley, most recently acting as co-head of its CRB and systematic market making for cash equities and Delta 1 in EMEA.
CRB quants have a bit of a divisive representation in banking due to their influence being great at some banks and minimal at others. Nonetheless, they have a knack for showing up on the buy side and have been spotted leaving for the likes of Millennium and the Abu Dhabi Investment Authority.
SIG isn’t Oswald’s first foray into HFT; he spent a year as an ETF trader at HFT giant KCG Holdings (now defunct and incorporated into Virtu Financial). He was also previously a quant trader at Bank of America, and a portfolio manager at Australian hedge fund Tibra Capital in London.
Oswald may sense the wind changing. Electronic trading firms are reportedly taking a bigger slice of the market-making pie, with revenues primarily shared among a new ‘bulge bracket.’ Last month, Bloomberg highlighted Susquehanna alongside Optiver as two market makers increasing their presence in Europe.
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