BofA Refugees Said to Form Market Maker With Tom Joyce

Bank of America Corp. traders who left as the lender dismantled their electronic market-making unit are attempting to recreate the business as an independent firm with former Knight Capital Group Inc. chief Tom Joyce.

Gene Reilly, who departed as Bank of America’s head of global market-making this year after the project was shuttered, is seeking about $150 million in funding for his New York-based startup, Arxis Capital, people with knowledge of the plan said, noting the amount could change. Joyce became executive chairman of the new company in August, according to his LinkedIn profile.