Royal Bank of Canada has moved to expand its credit trading capabilities by bringing on three senior trading specialists, adding leadership roles that span single-name credit-default swaps (CDS), electronic trading strategy for US credit, and high-yield trading.
Single-name CDS leadership
Jackson Graham is scheduled to join the firm in June as head of single-name CDS trading, according to an internal memo. Graham's background includes a period at Squarepoint Capital and five years at Morgan Stanley, where he worked in both New York and London and served as head of Europe, Middle East and Africa CDS trading. He will be based in New York and will report to Santosh Sateesh, the global head of credit derivatives trading.
Electronic trading strategy
Vincent Boccio joined the bank this month as US head of credit electronic trading strategy. In that role he will focus on the bank's electronic trading businesses across both investment-grade and high-yield credit. Boccio is New York-based and will report to Justin Snyder, who heads US investment-grade trading. Boccio previously worked at Spanish lender BBVA SA (BME:BBVA).
High-yield trading addition
John Perkins is due to join in June as a director in high-yield trading. Perkins, formerly a director at Bank of Montreal (TSX:BMO), will report to Raegan Knox, head of US high-yield trading.
RBC confirmed the appointments but declined to provide further comment on the hires.
Context and operational notes
The three hires cover distinct areas of credit markets: single-name CDS, which focuses on protection for specific corporate credits; electronic trading strategy for US investment-grade and high-yield instruments; and high-yield trading execution and coverage. Two of the roles are explicitly New York-based, and two of the appointments are scheduled to start in June.
Details on how these appointments will alter the bank's trading workflows, platform investments or market positioning were not disclosed.