Bank of America Merrill Lynch has added US electronic options to its global commission management (GCM) platform, as a new payment gateway for clients who use its research, execution tools, and commission management platforms.
The new system is fully automated and can be integrated easily with the existing systems, claims the lender.
BofA Merrill Lynch global commission management director Bill O’Connor said, "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."
The bank has also appointed JP Xenakis as director of electronic options sales to manage the growth and demand in this arena from institutional clients.
Prior to accepting the current role, Xenakis was working with Barclays as head of electronic options trading distribution and before that he worked for Goldman Sachs’ electronic options sales team.
BofA Merrill offers services pertaining to equity, options and futures trading, sales and research services to mutual funds, hedge funds, CTAs, broker-dealers, pensions, endowments and other institutions.