Finance Magnates learned on Thursday that senior Traiana executive Bob Linton will join blockchain technology company Cobalt next month.
A Cobalt spokesperson that Finance Magnates spoke to on Thursday evening declined to comment on the move.
Linton is the second senior Traiana executive to move over to Cobalt in less than three months.
Back in November, Anoushka Rayner joined the post-trade services firm as Global Head of Sales and Business Development. The former FXCM executive had been working in Traiana’s New York office for almost three years.
A source with knowledge of the matter told Finance Magnates that Linton’s move is indicative of ongoing internal problems at Traiana and EBS.
According to the source, there has been an exodus of personnel since CME Group completed its acquisition of NEX, the parent company of both Traiana and EBS, back in November.
Forex Trading Disruptor Sees Growth Thanks to Offshore Regulated StatusGo to article >>
“[Traiana and EBS] are haemorrhaging staff,” the source said, “A lot of people, especially from EBS, are joining banks. Then you have others like [Linton and Rayner] who are joining tech companies.”
Data costs bite at Traiana
The source of discontent seems to be rising post-trade costs, with many banks now spending over $500 million a year to meet those expenses.
“Traiana was already facing criticism for high costs,” the source said. “And then they increased them again in the past few weeks. They’ve been given a lot of stick for that.”
Data costs have been rising across the board since MiFID II was introduced in January of last year. With exchanges now required to unbundle pre and post-trade data, firms are having to pay for smaller chunks on information which, cumulatively, cost more than they did prior to the legislation being enforced.
Finance Magnates reached out to Traiana for comment on this story but, at the time of publication, no response was forthcoming.