Davies resigns from Bear

Mark Davies has resigned from his position as New York-based head of global credit trading at Bear Stearns.

Davies resigned from the firm earlier this week to pursue other interests, according to a Bear spokeswoman. The heads of the firm's credit divisions – David Carlson, head of structuring and marketing, James Kenny, head of flow credit trading, and Martin St. Pierre, head of structured credit trading – will continue in their respective roles and now report to Jeff Mayer and Craig Overlander, global co-heads of fixed income.

Reuters has reported that he left Bear to run fixed income at Stamford, Connecticut-based hedge fund manager SAC Capital Advisors.

Davies, who is also on the Board of Directors at the International Swaps and Derivatives Association (Isda), has helped spearhead industry efforts to tackle the problematic unconfirmed credit derivatives trade backlog issue.

In September 2005, the Federal Reserve Bank of New York summoned fourteen dealers to address their operational deficiencies and required them to reduce the number of unconfirmed trades. Now, the majority of those trades have been confirmed.