The changes at Scotia will also see Paul O’Hea, who previously shared the role of co-head of liability trading with Scott Wigle, take on new responsibilities.Michelle Siu/The Globe and Mail
Scotia Capital Inc. has shuffled its trading desk in the wake of the sudden departure of a number of senior traders.
Craig Gilchrist has been promoted to head of Canadian equity sales and trading. He was previously co-head.
The changes at Scotia will also see Paul O'Hea, who previously shared the role of co-head of liability trading with Scott Wigle, take on new responsibilities. A Scotia spokesperson said that Mr. O'Hea will continue to manage liability trading but will also assume responsibility for Canadian equity sales trading.
On Friday, Scotia announced internally that it had parted ways with head trader Sean Riley, according to sources. Mr. Riley, who previously ran the trading desk at Merrill Lynch Canada, was recruited as part of a strategic push Scotia was making in 2009 to beef up its presence in equity sales and trading.
Sources say that Scotia also parted ways with Michael O'Rourke, a liability trader. Scotia declined to comment.
Liability trading is the buying and selling of securities in which the brokerage uses its own capital – mostly to facilitate trades for clients.
Margins across equity trading have fallen significantly in recent years across the industry due to the widespread adoption of buy-side electronic trading systems.
Niall McGee