Agency brokerage JonesTrading Institutional Services has recruited industry veteran Tom Steen to head its global derivatives business. Steen will also head up an expansion of JonesTrading's Canadian Equity platform.

The firm’s newest managing director will report to Will Geyer, JonesTrading president and chief executive officer, and to Steve Tullar, national sales manager.

Most recently, Steen was head of risk management and business development at DDX Capital Partners. 

“During these difficult times in the financial markets, traders are increasingly relying on relationship-based trading,” said Packy Jones, chairman of JonesTrading. “We have been committed, over the course of the last two years, to offering our institutional and hedge fund clients a greater suite of securities instruments. This latest expansion into global derivatives and an increased focus on Canadian equities is in anticipation of client demand for our model in these securities.”

According to the firm, the JonesTrading global derivatives platform will bring hedging, risk control and return enhancement capabilities to the firm's clients through the use of listed derivatives. It is estimated that there are 3,000-listed options on single stocks, ETFs and indices, and they will now be available for trading through the platform.