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What you need to know on Wall Street today

Business Insider | May 16, 2018, 11.21PM IST

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One of UBS' top traders has a new role at the bank leading a team tasked with building the fixed income "business of the future."

Up until last month, Christopher Purves was co-head of trading for the Swiss bank's FRC (fixed income, rates, and currencies) unit, a business known elsewhere on Wall Street as the fixed-income, currencies, and commodities business, or FICC.

This month, Purves started a new role at the bank as the head of its FRC Strategic Development Lab, according to his LinkedIn profile. The lab, based in London, is a new initiative looking to transform FICC using data science, artificial intelligence, and machine learning.

Here's our story: UBS has assigned one of its top traders to head a team building the fixed income 'business of the future'

Elsewhere in trading news, Credit Suisse is reorganizing its execution services business within equities to better compete with the likes of Virtu and Citadel.

In the quirky deals front, a company that makes the 'Tesla of toothbrushes' just acquired a dental plan startup.

In crypto news, here's Cambridge University's first crypto academic on 'crypto dog years,' why economists like Paul Krugman and Nouriel Roubini are wrong, and why he's joining Blockchain.

In markets news:

NOW WATCH: BlackRock's $1.8 trillion bond chief shares an epiphany he had that reshaped his entire economic outlook

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