JPMorgan Chase & Co. is losing credit trader Chris Bruner to Tradeweb Markets LLC, where he will help run the company’s corporate-bond trading unit, according to a person familiar with the matter.
Following a career at some of the biggest players in credit markets, Bruner will move to Tradeweb in the summer as a managing director in its North American credit-trading business to focus on product development, according to the person, who asked not to be named because the details are private. Bruner, previously an algorithmic credit trader at hedge fund Citadel LLC, according to his profile on LinkedIn, will report to Tradeweb President Billy Hult, the person said.
Gauri Mundkur, a Tradeweb spokeswoman, and JPMorgan’s Brian Marchiony declined to comment. Bruner didn’t reply to an e-mail seeking comment.
Tradeweb is among firms trying to popularize bond trading over computers, picking up the slack left by the traditional middlemen -- banks -- devoting less capital to buying and selling the debt. They’re trying to change a system where, for decades, transactions have largely taken place over the phone among investors who prize discretion in the thinly traded $7.8 trillion U.S. corporate bond market.
Goldman Sachs Group Inc., BlackRock Inc., MarketAxess Holdings Inc. and several bank-led consortiums with code names such as Oasis and Neptune have also sought to bring more trading onto electronic systems. Tradeweb, which primarily trades Treasuries and interest-rate derivatives on its systems, started offering corporate bonds in October.
Tradeweb is majority-owned by Thomson Reuters Corp. with the rest held by banks such as JPMorgan, Goldman Sachs and Citigroup Inc.
Bloomberg LP, the parent company of this news organization, competes with Tradeweb and others in offering bond-trading services to its subscribers.
Cactus Raazi, who led Tradeweb’s efforts to break into corporate-bond trading, is leaving the company, people familiar with the matter said earlier this month.