UBS Dark Pool Executive Joins HFT Firm to Expand Stocks Business

IMC Financial Markets has hired the head of sales at UBS Group AG’s dark pool as the Dutch high-frequency trading firm expands in America.

Sam Yudelovitch will join the automated trader as director of equity client services, said Scott Knudsen, managing director and head of trading at IMC Chicago. TD Ameritrade Holding Corp.’s Paul Jiganti is also joining the company with a focus on options trading, as Bloomberg reported yesterday.

“We have been putting a lot of energy into growing our U.S. equities business and bringing on Sam is part of that broader effort,” Knudsen said by e-mail.

The appointments come roughly a year after IMC Chicago took over a trading post on the floor of the New York Stock Exchange. Becoming a direct market maker at the Big Board aided the Dutch outfit’s recent growth in North America, and further illustrated the increasing importance of algorithmic trading firms in financial markets.

IMC was founded in Amsterdam in 1989, and operates both a trading unit and an asset-management division. The firm, which employs more than 450 people, conducts transactions on 100 markets around the world, according to its website.

Yudelovitch was an executive director at UBS. Spokeswoman Karina Byrne confirmed his departure, but declined to comment further.

Second Biggest

UBS’s private trading venue is the second-largest in the U.S., according to data from the Financial Industry Regulatory Authority. For the week of June 29, the dark pool saw 321 million shares of the largest companies change hands, Finra data show, behind Credit Suisse Group AG’s Crossfinder, which had volume of 342 million, and ahead of the 261 million shares traded on IEX Group Inc.’s platform.

Jiganti’s role at IMC will see him work on business development and bolstering the company’s U.S. options market making business. He had been at TD Ameritrade since 2012, most recently as managing director for market structure and client advocacy. He has been a prominent presence at industry events, discussing the structure of the U.S. stock market and arguing that modern markets work well for individual investors.

“He’s very highly regarded in the industry,” Knudsen said. “We’re looking forward to having his expertise here.”

Jiganti previously ran Susquehanna International Group’s Chicago office and worked as a market maker at the Chicago Board Options Exchange.

TD Ameritrade has a policy of not commenting on personnel matters, said Kim Hillyer, a company spokeswoman.

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