Monday, May 3, 2010

Top Citigroup (NYSE:C) Proprietary Trader Quits

Jay Glasser, one of the leading proprietary traders at Citigroup (NYSE:C) has left the company for Nomura Holdings, citing concerns over the possible implementation of the Volcker Rule.

Proprietary trading is when a bank or financial institution uses its own funds to trade in.

For Glasser, his specialty was currency and derivative trades connected to interest rates in Japan. Reportedly he joined Normura last week.

If the Volcker rule were to become law, it would close down the proprietary trading units at banks.

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