Bluefin Europe Reveals Crypto ETP Trading Surge Following Double Hire

Jonte Baron and David Little joined in August to help run the crypto business

Bluefin Europe is turning to trading crypto exchange-traded products (ETPs) despite announcing plans to shut down its European ETF business earlier this year.

According to its latest set of accounts, the liquidity provider said it was making the decision to focus on trading digital assets.

In January, ETF feeds revealed that Bluefin is withdrawing from the European market with immediate effect.

In a note to clients seen by ETF feedsBluefin said, “Upon instruction from our US headquarters, Bluefin Europe is withdrawing from the ETF market.”

However, in a brief statement announcing the new plans, Bluefin said, “On January 26, the company decided to shut down the fixed income market making business and focus on crypto and ETFs.”

As part of the push, Bluefin has appointed two partners, Jonte Baron and David Little, to lead the crypto business.

Baron joins GHCO where he has spent the past nine years as a trader specializing in emerging market ETFs.

Meanwhile, Little previously worked as a trader at Bluefin Europe for 10 months between March and December 2010.

He joins after leaving HSBC Investment Bank in 2018. According to his LinkedIn profile, he spent more than seven years with the company, most recently as director of equity derivatives trading.

Little also held positions at Wells Fargo and Bear Stearns.

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The shutdown comes after the company went from a profit of $11.4 million in 2020 – where trading volumes and volatility were high during the COVID-19 pandemic – to a loss of $370,000 for 2021. .

The liquidity provider said it had net trading income of $33.9 million for 2020, with members earning $14.9 million in bonuses, the largest of which was a payout of $7.2 million. This is compared to a trading income of $2.1 million the following year.

Bluefin Europe said: “While the economy has stabilized in 2021, the increased volumes and volatility of trading opportunities are unlikely to be seen by the business for the foreseeable future.”

Following the closure of the bond business, former partners Simon McGhee and Robert Welsh left after spending more than seven and five years with the firm, respectively.

In July, HSBC appointed Henri Boua, former director of ETF business development at Bluefin Europe, to ETF advisory and execution.

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Mary I. Bruner