Bank of America has hired two senior interest rate traders from rival Morgan Stanley, as it seeks to bolster its trading and rates teams across Europe, Middle East and Africa (EMEA). Tim Yip started last month, and was joined by Ferruccio Ferrara last week. Both will be based in London.Yip joins as global head of rates trading for exotics and hybrids at the bank after a stint at Morgan Stanley, where he was responsible for running the company’s hybrid rates and long-dated exotic forex business. He will report to Alastair Hollingdale, head of EMEA rates trading.Ferrara joins as head of rates sales for EMEA and Asia, after two years at Morgan Stanley as head of European rates sales. He will report locally to Brian Heyworth, head of global markets sales for EMEA and Asia, and globally to head of liquid product institutional sales Jeffrey Pagano and Gerhard Seebacher, who is head of global rates. A spokesperson at the bank said both posts were new additions.
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