Bank of America Merrill Lynch Adds U.S. Electronic Options to CSA Program

Hires JP Xenakis to Support Institutional Demand

Monday, December 10, 2012 - As the use and popularity of options continues to grow, Bank of America Merrill Lynch is pleased to announce the addition of U.S. electronic options to the firm’s Global Commission Management (GCM) platform. This fully automated and integrated offering facilitates another payment avenue for clients who use BofA Merrill’s leading research, execution tools, and commission management platforms.

“This is a natural progression that marries our low touch options execution and commission management platforms,” said Bill O’Connor, director, Global Commission Management. “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.”

To support the growth and demand in this space from institutional clients, BofA Merrill has hired JP Xenakis as director of electronic options sales. He will liaise with the Global Commission Management sales team to introduce the new offering into the marketplace. Xenakis joins BofA Merrill from Barclays where he was head of electronic options trading distribution. Prior to that, he was in electronic options sales at Goldman Sachs.

With more than 600 clients globally, BofA Merrill’s GCM platform is one of the largest service providers in the commission management space and allows asset managers access to BofA Merrill’s global trading infrastructure across high and low touch channels. BofA Merrill was rated as the No. 1 GCM provider by a higher number of Greenwich Universe asset managers than any other firm.

BofA Merrill is a leading global provider of equity, options and futures trading, sales and research services to mutual funds, hedge funds, CTAs, broker-dealers, pensions, endowments and other institutions. The bank was recently ranked first for share of options and volatility commissions in the 2012 Greenwich Associates North American Equity Derivative Survey. It also ranked in the top three for U.S. Equity Trading Share and Electronic Penetration in the 2012 Greenwich Associates Survey. Additionally, BofA Merrill was named Best Equity Bank in North America in 2012 by Global Finance and Best Broker-Dealer for Equities by Wall Street Letter in 2012.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving more than 55 million consumer and small business relationships with approximately 5,500 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered as broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. ©2010 Bank of America Corporation

SOURCE: Bank of America