NEW YORK--(BUSINESS WIRE)--As the use and popularity of options continues to grow, Bank of America Merrill Lynch is pleased to announce the addition of U.S. electronic options to the firm’s Global Commission Management (GCM) platform. This fully automated and integrated offering facilitates another payment avenue for clients who use BofA Merrill’s leading research, execution tools, and commission management platforms.
“This is a natural progression that marries our low touch options execution and commission management platforms,” said Bill O’Connor, director, Global Commission Management. “With the addition of this product, we’re responding to institutional demand with a seamless offering allowing clients to capitalize on our robust options execution capabilities.”
To support the growth and demand in this space from institutional clients, BofA Merrill has hired JP Xenakis as director of electronic options sales. He will liaise with the Global Commission Management sales team to introduce the new offering into the marketplace. Xenakis joins BofA Merrill from Barclays where he was head of electronic options trading distribution. Prior to that, he was in electronic options sales at Goldman Sachs.
With more than 600 clients globally, BofA Merrill’s GCM platform is one of the largest service providers in the commission management space and allows asset managers access to BofA Merrill’s global trading infrastructure across high and low touch channels. BofA Merrill was rated as the No. 1 GCM provider by a higher number of Greenwich Universe asset managers than any other firm.
BofA Merrill is a leading global provider of equity, options and futures trading, sales and research services to mutual funds, hedge funds, CTAs, broker-dealers, pensions, endowments and other institutions. The bank was recently ranked first for share of options and volatility commissions in the 2012 Greenwich Associates North American Equity Derivative Survey. It also ranked in the top three for U.S. Equity Trading Share and Electronic Penetration in the 2012 Greenwich Associates Survey. Additionally, BofA Merrill was named Best Equity Bank in North America in 2012 by Global Finance and Best Broker-Dealer for Equities by Wall Street Letter in 2012.
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