Former ABN brokers set-up trading consultancy

Two former ABN Amro brokers are setting up a firm in London to help new proprietary traders navigate the various challenges of getting set-up and starting to trade.

Richard De Bruijn, who left the Dutch broker in September, and Neil McDonald, who has been at HSBC and Sumitomo since leaving ABN in late 2017, are developing a UK-based consultancy firm aimed at trading start-ups.

De Bruijn, who was latterly ABN Amro’s head of Brazilian clearing, said: “We have started working towards incorporating an entity in London aimed at proprietary trading firms that need help setting up, so that could be providing guidance with regulation or setting up with exchanges and/or service providers.”

De Bruijn left ABN Amro in September after almost 15 years with the Dutch broker. Latterly, he was the firm’s Sao Paolo-based head of clearing in Brazil, a position he held for almost two years. Previously, De Bruijn was a London-based regional sales director focused on proprietary trading firms and ABN Amro Clearing’s head of relation management. 

He said: “In my 14 ½ years at ABN Amro, I have assisted clients with submitting hundreds of exchange applications so this experience could be useful to a prop trading start-up.

“We are keen to work with any firms looking to set-up in Europe so they could be US or Asian firms looking to expand their operations. We also aim to help firms in Europe who are looking to expand their operations to new markets or products,” said De Bruijn.

The former ABN broker said this is an interesting time for start-ups, coming after a period of volatility in Europe linked to the COVID pandemic and the lingering effects of Brexit. Against this back-drop, North American and Asian firms may be looking to set up in Europe for the first time while Brazil remains a big draw for trading firms.

De Bruijn said: “I’ve already had preliminary discussions with a firm that is looking to trade the German market for example. Given my recent experience in Brazil, I feel we can also help firms looking to set-up and trade that rapidly expanding market.”

McDonald worked with De Bruijn for four years at ABN Amro Clearing, as a European derivatives operations manager.

The partners feel De Bruijn’s trading experience and McDonald’s operations expertise will allow them to support all of the many challenges faced by trading start-ups.

Cboe Global Markets plans to launch in the first half of next year an Amsterdam-based futures and options exchange aimed at US systematic and quant funds keen to start trading in Europe.