MarketAxess Holdings Inc., the owner of an electronic bond and derivatives-trading system, named former JPMorgan Chase & Co. investment banker William Cruger to its board.
Cruger, 55, was vice chairman of investment banking for JPMorgan before leaving the firm in June, New York-based MarketAxess said today in a statement. He joins former Goldman Sachs Group inc. partner Jane Chwick, who was named to the electronic trading firm’s board last month.
“Bill has been a trusted partner and investment-banking adviser to MarketAxess since the firm’s inception,” Chief Executive Officer Rick McVey said in the statement. “He is widely respected as one of the leading market structure experts in the global exchange and electronic-trading space.”
Electronic bond trading is gaining momentum as new regulations curbing risk prompt banks to trim inventories of corporate debt, reducing their willingness to act as middlemen between buyers and sellers. Goldman Sachs has expanded its GSessions electronic-trading system, while BlackRock Inc., the world’s largest asset manager, decided this year to route some of its trades through MarketAxess’s computerized system.
Cruger, who advised Raymond James Financial Inc. on its $930 million deal to acquire Morgan Keegan & Co. last year, is at least the second senior adviser to exchanges and other securities businesses to leave New York-based JPMorgan in recent months. Joseph Molluso left to join electronic trading firm Virtu Financial LLC as its chief financial officer, the New York-based firm said in September.
Cruger held various senior positions at JPMorgan before being named vice chairman of investment banking including managing director in the financial institutions group from 1996 to 2011, according to the statement. He earlier ran the firm’s investment-banking practices in Asia and Latin America.
Bloomberg LP, the parent company of Bloomberg News, competes with MarketAxess to provide electronic-trading systems for fixed-income markets.