A six-strong team of floating rate note traders has resigned from Euro Brokers, the Nasdaq-listed moneybroker, just weeks after it merged with rival BGC Partners.

The brokers are joining rival Compagnie Financière Tradition, the Lausanne-based broker. The move will be Tradition's first foray into floating-rate note broking, and the new desk is expected to be fully operational by the end of the summer.