UBS Hires Goldman’s Lopez to Run Americas Electronic Tradingby and
Todd Lopez to start in February and be based in New York
Lopez oversaw electronic trading distribution at Goldman Sachs
UBS Group AG hired Todd Lopez, a Goldman Sachs Group Inc. managing director, as head of electronic trading in the Americas.
Lopez, who most recently oversaw electronic-trading distribution in the Americas for Goldman Sachs, will start in late February and be based in New York, Mark Holder and Laurent Combalot, UBS’s global heads of electronic trading, said Wednesday in an internal memo. Erica Chase, a spokeswoman for the Zurich-based bank, confirmed the memo’s contents.
Wall Street firms are expanding electronic trading, which dominates in equities and is gaining ground in fixed-income businesses like rates and currencies, as firms push to increase volumes and reduce expenses. New York-based Goldman Sachs is No. 2 among banks in total equities trading revenue this year, while UBS ranks sixth, excluding accounting adjustments, according to data from Bloomberg Intelligence.
UBS’s dark pool is the biggest in the U.S., handling an average of 520 million shares of the largest companies over the most recently reported four weeks, according to data from the Financial Industry Regulatory Authority. Goldman Sachs has taken steps to upgrade its Sigma X dark pool as part of a larger effort to boost its electronic equities business.
Christopher McConville leads UBS’s electronic-trading business in Europe, the Middle East and Africa, while Steven Hammerton runs the unit in the Asia Pacific region.
Lopez joined Goldman Sachs in 2000 as an electronic equities-trading salesman. He later ran electronic sales in London and Tokyo before being named co-head of sales for electronic trading in the Americas, according to the memo.
Tiffany Galvin, a spokeswoman for Goldman Sachs, declined to comment on the departure.