A VIX trader has resigned from Millennium after only a few months to join JPMorgan's equity derivatives team

<p><img src="https://static1.businessinsider.com/image/5f5a7eae7ed0ee001e25e9fb-1009/gettyimages-453531324.jpg" border="0" alt="jpmorgan" data-mce-source="Andrew Burton / Getty Images" data-link="http://www.gettyimages.com/license/453531324"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>A Citigroup VIX trader left this spring for $53 billion hedge fund Millennium Management amid <a href="https://www.businessinsider.com/talent-war-volatility-traders-hired-from-wall-street-investment-banks-2021-5">scorching demand for volatility traders</a>. Now, he's back on the sell-side, joining JPMorgan's equity derivatives group.&nbsp;</p><p>Benjamin Texier has resigned from Millennium and is joining JPMorgan to trade the CBOE Volatility Index, according to sources familiar with the matter.&nbsp;</p><p>A JPMorgan spokeswoman and a Millennium spokesman declined to comment.&nbsp;</p><p>A deluge of sell-side volatility traders have been poached this year following record performance in 2020, <a href="https://www.businessinsider.com/hedge-funds-citadel-millennium-raiding-big-banks-hiring-volatility-traders-2021-4">which attracted the attention of hedge funds</a> like Citadel, Balyasny, and Millennium. More than 60 US equity derivatives traders have departed the sell-side seats they started the year in, according figures compiled by Insider and industry executive recruiters.<img style="float:right;" src="https://static3.businessinsider.com/image/61250e50de5f560019e878a3-660/Screen Shot 2021-08-24 at 10.55.36 AM.png" border="0" alt="Headshot of Benjamin Texier, a VIX trader at JPMorgan." data-mce-source="LinkedIn" data-mce-caption="Benjamin Texier left Millennium after only a few months to join JPMorgan."></p><p>Texier in May left Citigroup, where he was a director in index volatility trading, along with <a href="https://www.businessinsider.com/citadel-hires-dan-baranovsky-from-citi-equity-volatility-trading-pm-2021-4">several other Citi equity derivatives traders</a>. Before joining Citi in 2016, he spent nearly eight years at BNP Paribas.&nbsp;</p><p>Texier's arrival at JPMorgan will help fill some gaps after the bank suffered departures of its own in July.</p><p>The <a href="https://www.businessinsider.com/jpmorgan-derivatives-trader-exits-following-late-night-tweets-2021-7">firm parted ways with Ishan Malik</a>, an executive director who traded the VIX, amid scrutiny over a series of tweets. Borzu Masoudi, a star volatility trader who ran the equity macro derivatives, was <a href="https://www.businessinsider.com/millennium-hires-star-trader-borzu-masoudi-from-jpmorgan-equities-volatility-2021-7">poached by Millennium a few weeks later</a>.&nbsp;</p><p><a href="https://www.businessinsider.com/vix-trader-benjamin-texier-is-leaving-millennium-to-join-jpmorgan-2021-8#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/kosher-passover-coca-cola-bottles-yellow-cap-bottle-soda-retail-food-drink-jewish-jews-2017-4">Why some Coca-Cola bottles have a yellow cap</a></p>
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