Bank of America Merrill Lynch announced the addition of U.S. electronic options to its global commission management platform, a move the firm says is designed to capitalize on an asset class that's growing in popularity.
The firm said this system opens up another payment avenue for clients who use its research, execution tools, and commission management systems. Meanwhile, to support the growth and demand in this space from institutional investors, BofA Merril said it hired JP Xenakis as director of electronic options sales.
"With the addition of this product, we're responding to institutional demand with a seamless offering allowing clients to capitalize on our robust options execution capabilities," said Bill O'Connor, BofA Merrill's director of global commission management.
BofA Merrill's global commission management currently boasts more than 600 clients globally, making it one of the largest service providers in this space.