Two senior repo traders, David Butterworth and Simon Turner, have resigned from their positions at BNP Baribas, according to reports from the Financial News online.
Their departures were confirmed by a BNP Paribas spokesman and they are understood to have resigned last week.
The two are expected to re-emerge at Merrill Lynch, which declined to comment to the Finanical News.
The online news services’ sources say Butterworth and Turner will soon be taking up positions on the bank’s short-term interest trading for Europe, and the Middle East and Africa.
At BNP Paribas, Butterworth, traded euro repos and Turner, gilt repos.