Citigroup Inc appointed Derek Hafer as its global head of spread products portfolio trading on Tuesday, as the form of trade has gained significant popularity during the coronavirus-driven market volatility.
Portfolio trading involves the bundling of several bonds into a single package to trade.
“Over the past 18 months, portfolio trading has grown rapidly in the flow credit markets and has become one of the major changes driving our industry. We expect this trend to continue,” Citi said in a memo seen by Reuters.
Hafer will also take over as the global head of electronic client connectivity and North America macro trading.
Hafer joined Citi as a trader in 2005 and was appointed as the head of U.S. investment grade credit trading in 2014. He will be responsible for risk pricing in his new role.