JP Morgan Organizes New Global Credit Index Business
Expands credit department with new unit.
The 12-person unit, called the Global Credit Index (GCI) group, will focus solely on trading credit index products such as credit default swap benchmarks and exchange-traded funds.
The formation is aimed at pooling the market-making activities of the bank in index credit default swaps, credit options and bond indices, and enhancing the firm's offering in Credit Exchange Traded Funds (ETFs).
As innovation and regulatory reform drive significant changes across the credit markets, GCI will ensure clients can benefit from improved liquidity in a broader array of products that help them manage credit risk with a portfolio that is able to deal with inflows and outflows, the memo says.
The unit will be headed by Samik Chandarana, previously head of credit trading for the Europe, Middle East and Africa at the bank. Chandarana will also be in charge of the e-trading effort across global credit, and will be working along Frank Troise, global head of execution services, and Scott Wacker, global head of e-Commerce sales and marketing.
Sanjay Jhamna will be head of EMEA credit trading, taking over for Chandarana. Jhamna previously led the global credit exotics and hybrids business at JP Morgan for the last four years.
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