JPMorgan’s electronic equities trading platform has become one of its big strengths. This might be why a former Goldman Sachs managing director who’s spent the past few years touring hedge funds and high frequency trading platforms has chosen the US bank as his new home.
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Douglas Borden has joined JPMorgan’s New York electronic equities trading team. He spent the past two and a half years at Hudson River Trading, as head of client market making. Prior to that, he was at Two Sigma for three years, at KCG for eight and a half years and at Goldman for nearly nine years. Borden is a big deal.
JPMorgan seems to have hired him semi-covertly. Banks are investing heavily in electronic trading platforms in an effort to win business from hedge funds. At last year’s investor day, JPMorgan said revenues in its electronic trading business had grown at a compound annual rate of 12% a year between 2017 and 2022 and that its equities market share had gone from 10% to 12.9% over the period.
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