A senior trader within Bank of America Merrill Lynch’s equity derivatives team, who oversaw a team of 15 traders in New York, has left the bank after more than 13 years.
Joseph Hickey, a managing director and head of equity synthetics and stock loan trading for the Americas at Bank of America Merrill Lynch, left earlier this month. His next move is not yet known.
Hickey has held various roles at BAML during his 13 years there. He joined as a VP in 2004, from Goldman Sachs where he was a strategist within its research team. Initially trading swaps, he helped set up the Delta One trading desk before moving across to he up its US ETF cash trading division in December 2008.
He made managing director in 2011, heading up its Delta One Index business and index financing business. Hickey took his latest role at the bank in August last year.
Hickey is the second senior equity derivatives trader to leave BAML in recent months. Michael Ebert, head of Americas equity derivatives at BAML in New York, joined Credit Suisse in August as its global head of equity derivatives.
Hickey is both a CFA charterholder and a Masters graduate in Quantitative Finance from the Michael Smurfit School of Business in University College Dublin.
While investment banks' equity trading desks floundered during the first half, equity derivatives revenues were stable at $7bn, according to figures from research firm Coalition. BAML, which reports its Q3 results later this week, said that its equities revenues were up 3% in the second quarter, but it did not break out equity derivatives.
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