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John Turney
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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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June 30, 1999

Fast Track

By John A. Byrne

U.S. Bancorp Piper Jaffray recently hired three Nasdaq market makers - David Lee, Chad Grochowski and James Keelin - for its Minneapolis-based trading desk. Lee and Grochowski joined the firm from John G. Kinnard & Co. in Minneapolis. Keelin was previously a market maker at Miller, Johnson & Kuehn in Minneapolis. The firm also hired Brett Alber as a sales trader. Alber was previously a sales trader at Deerfield, Ill.-based Vector Securities. Lee, Grochowski, Keelin and Alber all report to Tony Cecin, head of equity and institutional trading at Piper Jaffray.

Kristen Fendelander joined the equity capital-markets department of Piper Jaffray as a dedicated trading-technology officer. Fendelander, who also reports to Cecin, was formerly a project manager at Automated Securities Clearance Corp. in Weehawken, N.J.

USCC Trading recently named William J. Black its new chief executive. Black is a former special limited partner at Spear, Leeds & Kellogg in New York. As chief executive, Black will assist Neil Feldman - USCC Trading's president - in the management of the Jersey City-based firm's trading floor.

USCC Trading also hired Kevin Butler, Jeannie Gambino and Richard Tipaldi as sales traders. All three were previously in the sales-trading department at Spear Leads.

Glen Shipway stepped down as an executive vice president at Nasdaq to join New York's Primex Trading as chief executive. Primex is a new electronic auction system supported by Goldman, Sachs & Co., Merrill Lynch & Co. and Bernard L. Madoff Investment Securities. Shipway was a ten-year veteran of Nasdaq and its parent, the National Association of Securities Dealers.

David Quinlan joined the executive-management team at Eze Castle Consulting in Boston, a software company serving investment managers. Quinlan moved to the firm from Bridge Information Systems in Boston, where he most recently served as senior vice president of transaction services. At Eze Castle Consulting, Quinlan will focus on strategic planning and building a sales and marketing group.

Christopher Elkind left Andrew Garrett Inc. to join AM Capital in New York as an equity trader. Elkind was previously the head trader at New York's Andrew Garrett.

After 18 months of training for the Roman Catholic priesthood, Jim O'Donnell left the seminary and joined Salomon Smith Barney in London as a managing director and deputy head of equities in Europe. O'Donnell, 37, had resigned from HSBC Markets in London in November 1997 in a well-publicized decision to become a Roman Catholic priest. He would not comment on his reasons for leaving the seminary and rejoining a Wall Street firm.

Myles D. Gillespie was named president of Fleet Specialists. Christopher C. Quick, who formerly served as president of the firm, was named its chairman. Fleet Specialists is the New York Stock Exchange specialist division of New York-based Fleet Securities. Gillespie has been with the firm - and its predecessor, Quick & Reilly Specialist Corp. - since 1986. Quick joined the Fleet Specialists predecessor in 1982, and was named president in 1986.

Margaret Ashley left Seattle's Bank of America, where she was a manager and head of equity trading, to join Francis P. Maglio & Co. in Seattle. As vice president of corporate development, Ashley will be responsible for introducing buy-side firms to Francis P. Maglio's services.

Joanne Cummings joined the Nasdaq trading desk at M.H. Meyerson & Co. in Jersey City as an assistant trader.

Bloomberg Tradebook in New York hired Elizabeth Cox as a senior salesperson. Cox was previously a New York-based international sales trader at Deutsche Banc. Before joining Deutsche Banc, Cox ran the Latin American sales-trading desk at the former ING Baring in New York.