Independent investment bank Evercore Partners has closed its European equities execution desk just two weeks after the implementation of sweeping new trading rules that are widely expected to put pressure on smaller firms.

Daryl Bowden left his position as Evercore's London-based head of trading earlier this month, according to people familiar with the matter.  Bowden is a well-known figure in the City, having helped co-found the equities business at interdealer broker Icap (now TP Icap). He has also held senior sales trading roles at both Bank of America Merrill Lynch and Macquarie.