The firm has appointed Jamal Tarazi, who was European head of New York-based high-speed trading firm Global Trading Systems before leaving earlier this year, as head of trading in London to grow revenue in Europe and “maximise” trading opportunities around the world, according to chief executive Kevin Cuttica.
Tarazi will join Sun Trading International, the UK subsidiary of Chicago-based Sun Holdings. Before his time at GTS, Tarazi had led Virtu Financial’s European trading operations. He holds a doctorate and master’s degree in particle physics from the University of California at Irvine.
At the time of Tarazi’s departure, GTS credited him with helping to “jump-start” the equities component of its European operation.
His appointment comes as Europe’s high-frequency traders, which use computer-driven trading strategies and often act as electronic market-makers, face tougher rules under the revised Markets in Financial Instruments Directive, or Mifid II, which will come into effect in January 2018. But last year, Michael Deaton, chief financial officer at Sun Trading, told Financial News that there are opportunities as well as costs when it comes to regulation.
Tarazi will replace Nick Scalabrino, who will return to Chicago after a six-month transition period.
Cuttica said the intention had always been for Scalabrino to spend two years in London “facilitating communication and porting of best practice” across Sun’s global offices. “When Jamal came on the market, it provided a tremendous opportunity to transition leadership.”
Sun employs 26 people in London and trades equities, foreign exchange and fixed income.
The firm remains “totally committed” to its London operations in the wake of the UK’s vote to leave the European Union, Cuttica said.
“We see no need to take any actions as a result of the UK referendum vote but will continue to monitor the situation closely.”