Nicola White to Leave Morgan Stanley for Citadel Securities

  • White was head of electronic rates trading at Morgan Stanley
  • Citadel now competes with big banks in market making

Nicola White, global head of electronic fixed-income trading at Morgan Stanley, is leaving the firm to join Citadel Securities LLC.

Citadel has been building a new market-making unit in fixed-income and credit products under Paul Hamill, who was hired by the firm in 2014 from UBS Group AG. Citadel was one of the most outspoken defenders of the Dodd-Frank Act and the reforms it made to the $630 trillion over-the-counter derivatives market, including the mandate that most swaps trades be backed by a clearinghouse and traded electronically. That has allowed the firm to position itself to compete with JPMorgan Chase & Co. and other banks that generate tens of billions of dollars in annual revenue by making markets in derivatives and securities.

“Her hire is consistent with us building and growing our fixed-income market-making business,” Hamill said in an interview. “Having a strong and talented global chief operating officer is critical to our success, and Nicola’s experience makes her a great fit for that role.” 

White will start at the firm in about three months, Hamill said.

Mark Lake, a Morgan Stanley spokesman, declined to comment. Chicago-based Citadel started making markets in Treasuries and rate swaps within the last two years and for credit-default swaps this year.

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