Morgan Stanley said to hire former Citi head

Morgan Stanley HQ

Morgan Stanley enlisted Eugene Tutunikov, Citigroup’s former head of algorithmic credit trading, to bolster the firm’s business of trading bonds electronically, according to a person briefed on the move.

Bloomberg News reports that Tutunikov, 31, is working as a consultant to Morgan Stanley’s credit-trading unit, said the person, who asked not to be identified discussing personnel matters.

Tutunikov left Citigroup earlier this year after eight years at the New York-based bank, where he helped develop a system for automated market-making in credit-default swaps.

The 2010 Dodd-Frank Act mandated that most swaps trades in the $691tril over-the-counter derivatives market be backed by a clearing house and processed electronically, spurring Wall Street to automate bond trading.

To access the complete Bloomberg News article hit the link below:

Morgan Stanley Said to Bring In Tutunikov as Trading Consultant

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