Commentary

John Turney
Traders Magazine Online News

Foreign Exchange Infrastructure: Yesterday, Today and Tomorrow

In this exclusive to Traders Magazine, John Turney, Global Head of Outsourced FX at Northern Trust, discusses the evolution of the fx infrastructure and what is to come.

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May 31, 1998

Fast Track

By John A. Byrne

Lynn Turner was named chief accountant of the Securities and Exchange Commission in Washington. Turner, who will oversee the accounting issues facing accountants, corporations, investors, and regulators, is a former audit partner at accounting giant Coopers & Lybrand in Denver. Most recently, he was chief financial officer at Symbios Logic in Denver. The SEC had been searching for a new chief accountant since the resignation of Michael Sutton in December.

George K. Baum & Company in Kansas City hired Frank Calta as managing director of equity trading. Calta was previously managing director of institutional trading at Dain Rauscher Wessels in Minneapolis.

John C. Katovich, general counsel and director of public affairs at the Pacific Exchange in San Francisco, joined the growing staff of OptiMark Technologies. Katovich, as co-general counsel, will provide legal advice to OptiMark's board of directors while overseeing regulatory developments affecting the company. He will be based in the San Francisco Bay area.

Robert Race joined Winchester Investments in Overland Park, Kan. as an equity trader. Race was previously an equity trader at Birchtree Financial Services in nearby Kansas City.

Dresdner Kleinwort Benson North America named Joe Scafidi its U.S. head of U.K. and European equity trading. He was previously director of European trading at Deutsche Morgan Grenfell in New York.

Fidelity Investments named John F. McNamara chairman and president of its Boston-based subsidiary, Fidelity Management Trust Company. McNamara, the former chief operating officer of United Asset Management Corp. in Boston, succeeds Denis M. McCarthy, who retired from Fidelity on April 30.

PaineWebber named Robert Clark director of recruiting. Clark was previously director of marketing at the New York-based firm. In his newly-created position, Clark will be responsible for outlining infrastructure developments with PaineWebber branch managers.

William O'Shea was appointed general manager of New York-based CSK Software's trading-systems business. He will continue in his previous role as the firm's chief operating officer. CSK Software provides global financial-information technology for its Tokyo-based parent, CSK Corporation.

Robert A. Tominovich, president and chief executive of Standard & Poor's Securities in New York, retired after 31 years of service at the firm. He had been the firm's top officer since 1982.

Richmond Fisher was named as Tominovich's successor. Fisher was most recently vice president of sales and marketing at Standard & Poor's Securities.

Goldman, Sachs & Company, which is traditionally run by two leaders, named Henry M. Paulson Jr. its co-chairman and co-chief executive. Paulson was previously the private New York-based firm's president and chief operating officer. Paulson will work alongside Jon S. Corzine in his new position.

Fred Busk III was promoted to general manager and the board of directors of the Bank of Bermuda in New York. He had formerly served as the head of business development and marketing for the bank's corporate trust services in the Western Hemisphere.

The National Association of Securities Dealers elected Arthur Rock to its board of governors, replacing Bridget A. Macaskill. Rock, principal of San Francisco-based venture-capital firm Arthur Rock & Co., will serve on the board for the remainder of the year to fill the unexpired term of Macaskill. Macaskill is president and chief executive of the Oppenheimer Funds in New York.

J. Patrick Campbell was named to the newly-created position of chief operating officer at Nasdaq. Campbell was previously Nasdaq's executive vice president of market services. Based in Washington, he will report to Frank Zarb, chairman and chief executive of the National Association of Securities Dealers, and Alfred R. Berkeley III, Nasdaq's president.

Zarb also announced the expansion of the NASD office of the chairman to include: George S. Bailar, NASD chief information officer, John L. Hilley, NASD executive vice president of strategic development, Salvatore F. Sodano, NASD deputy COO, Elisse B. Walter, NASD Regulation chief operating officer, and Campbell.