An exodus of Bank of America (BofA) traders, along with former Knight Capital Group (KCG) executive Tom Joyce have pioneered the electronic market maker Arxis Capital in a move to rival existing brokerages.
Ex-BofA Head Gene Reilly and current CEO launched Arxis Capital last year, followed shortly by Tom Joyce’s ascension to the firm as its Executive Chairman in August. The firm is presently seeking $150 million in funding as it looks to enter the market of retail brokerages.
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Currently the retail brokerage scene is dominated largely by Citadel LLC, KCG Holdings and UBS AG. Arxis Capital has since served as a magnet for former BofA employees, following the closure of several equity markets jobs at the bank. Ultimately, Arxis Capital looks to capitalize on the present climate of the industry and existing banks’ diminishing appetite for market making.