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Canadian bank hires rates trading MD from rival

Canadian banks are exchanging senior traders in London.

Bank of Montreal (BMO) just recruited Ralph Sherman, a managing director at Toronto-Dominion Bank and head of G10 derivatives trading for Europe and Asia. Sherman is joining as a managing director and head of digital and liquid products trading for EMEA, based in London.

Sherman's arrival suggests BMO is continuing to build out its electronic trading business. In May last year, it launched electronic trading for broker dealers outside the US for the first time and has been building out its team globally. In November 2021, it hired Kavel Patel from Citi to head electronic trading in Europe. It's also been building its prime broking business. 

Sherman has a long history in Canadian banks. Before TD he was a director of Scandinavian rates trading at RBC Capital Markets. 

Sherman isn't the only rates trader to dabble in digital. Pasquale Cataldi, the head of EMEA rates trading at Nomura was previously head of the markets lab for JPMorgan's digital markets business. 

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AUTHORAlex McMurray Editor

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