Citi Hires Cboe’s Inzirillo for Execution in Equities Trading

(Bloomberg) -- Citigroup Inc. hired Adam Inzirillo, data head at Cboe Global Markets Inc., to oversee work on the bank’s equities and futures execution platform within the firm’s trading division, according to people with knowledge of the matter. 

Inzirillo is set to join Citigroup in October as global head of execution platform in the bank’s equities unit, the people said, asking not to be identified discussing information that isn’t public. He’ll report to Sebastien Mailleux, global co-head of prime services, one of the people said.

A representative for New York-based Citigroup declined to comment. 

“We are grateful for Adam’s contributions and wish him all the best in his future endeavors,” a Cboe spokesperson said in an emailed statement.

Catherine Clay, a Cboe executive vice president and global head of derivatives, will oversee the Cboe Data Vantage business. The spokesperson declined to comment on whether Inzirillo will be replaced. 

Inzirillo was promoted to global head of data and access solutions at Cboe in 2023 as part of a series of leadership changes. In that role, he oversaw market data as well as indexes, risk and market analytics. He joined Cboe in 2019 as head of US equities. 

In his new role at Citigroup, Inzirillo will focus on the bank’s electronic platform, building trading algorithms and other offerings within equities trading, one of the people said. Banks have been investing in technology and execution services to compete with high-frequency trading firms such as Jane Street and Citadel Securities, which have been expanding their headcount to fill customer orders across asset classes. 

Citigroup is focused on strengthening its prime services business as it seeks to expand its business catering to hedge funds. Its prime business saw record balances, up 27% in the second quarter of this year. The equities trading business recorded $1.6 billion in the three month period, up 6% from the same period a year ago.   

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