Commentary

Elaine Wah

Modern Markets, Modern Metrics - A Blog By IEX

In this blog by IEX's Elaine Wah, the newest public exchange looks to refute public claims that the metrics it uses are designed to inflate its own volume numbers and mislead people.

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In his first public speech, SEC Chair Jay Clayton deviated from his prepared remarks and offered his own "off the cuff" comments on market issues. Do you like this change of pace?




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March 1, 1999

Fast Track

By John A. Byrne

M. Margaret Ashley joined Francis P. Maglio & Co. in New York as a vice president of corporate development. Ashley was previously a trading-department manager at Bank of America Capital Management in Seattle. She will report to Richard V. Russo, director of corporate development at the firm.

Credit Suisse First Boston in New York hired Tony Kiniry and Andy Stein as a senior over-the-counter traders. Kiniry was previously head of OTC trading at Deutsche Bank Securities in New York. Stein was a senior trader at New York's Lehman Brothers. Both Kiniry and Stein will report to Mike Clark, head of equity trading at CS First Boston, and Jim Deasy, head of OTC trading.

Nick DeMaria joined Security Capital Trading in New York as head trader of equity development and components for listed and unlisted securities. DeMaria was previously a senior sales trader at Knight/Trimark Group in Jersey City. He reports to Ron Heineman, president of the firm.

ABN AMRO in Chicago named Dan Hart a senior vice president, responsible for managing the fully-disclosed clearing business of the firm's dealer-services unit. Hart joined ABN AMRO from EVEREN Clearing Corp. in Milwaukee, where he served as director of the correspondent-services department.

Ken Ackerman, head of the correspondent-clearing division at Baltimore-based BT Alex. Brown & Sons, left the firm to join New York-based U.S. Clearing Corp. in a similar role. It was rumored that Ackerman's decision was spurred in part by uncertainty surrounding the impending merger of Deutsche Bank Securities with BT Alex. Brown parent Bankers Trust.

Thomas A. Marsilio joined Mildwood Securities as a director of equity research. In the new position, Marsilio will develop research reports on regional, mid-cap banking stocks for the New York-based institutional brokerage firm. Prior to joining Mildwood Securities, Marsilio was a senior global financial analyst at Arnhold and S. Bleichroeder in New York.

Lewis M. Eisenberg was named co-chairman of C.E. Unterberg, Towbin in New York. He will join A. Robert Towbin as co-chairman of the firm. Eisenberg will also continue to serve as co-chairman of Granite Capital, a New York money manager.

C.E. Unterberg also named Robert L. Kahan president of the firm. Kahan joins C.E. Unterberg from New York's Nationsbanc Montgomery Securities, where he was a senior managing director. The firm also hired Benjamin N. Simon as head of institutional sales. Simon was a partner and 17-year veteran of Montgomery Securities, the predecessor firm of Nationsbanc Montgomery Securities.

New York-based Credit Suisse First Boston hired Laura Maggos and Cristina von Bargen as directors of corporate communications. Maggos was previously a vice president of corporate communications at J.P. Morgan & Co. in New York. Von Bargen was also a vice president of coporate communications, at Salomon Smith Barney in New York, before joining CS First Boston.

Gary Cuiper joined Volpe Brown Whelan & Co. in San Francisco as a managing director, head of sales trading and co-head of equity trading. Cuiper moves to the firm from Hambrecht & Quist in San Francisco, where he was a senior sales trader.

Volpe Brown Whelan also hired Matt Holscher and Doug Princiotta. Holscher, previously an equity trader at J.W. Genesis in San Francisco, joins the firm as a senior over-the-counter market maker. Princiotta was previously an equity trader at Hambrecht & Quist in San Francisco. He joins Volpe Brown Whelan as an OTC market maker.

Cuiper, Holscher and Princiotta all report to John Caruana, head postion trader at the firm.

The board of directors of the Chicago Board of Trade (CBOT) appointed Daniel F. Brophy to the board as a full-member director. Brophy, an independent trader, has been a full member of the CBOT since 1982. He replaces the late Harold I. Richard, who passed away February 13. Brophy will complete Richard's term on the board, which expires December 31.

David Leibowitz was named a senior vice president and district director of NASD Regulation's New York office. Leibowitz joined the regulatory subsidiary of the National Association of Securities Dealers from New York's Donaldson, Lufkin & Jenrette. He was director of surveillance at DLJ.