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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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February 1, 2000

Buyside's Murphy Takes First Union Trading Post

By Staff Reports

Mike Murphy, head trader at Kerns Capital Management, a buy-side firm in New York, is returning to his roots on the sellside. Murphy was named director of equity trading at First Union Securities' Baltimore office. The appointment is effective Feb 15.

"This is the toughest decision I ever made in my business life," Murphy said. "People at Kerns are terrific, but going to First Union is a great opportunity. I am working at a firm that's positioning itself to be a stronger force in the institutional business." Kerns has $1.7 billion in assets under management.

Murphy's early career on Wall Street started in Baltimore where he was a partner and head of coverage trading at Alex. Brown (now Deutsche Banc Alex. Brown). In a role reversal he is happy to acknowledge, Murphy will report to Michael (Mickey) Misera, head of equity underwriting.

"I hired Mickey when I was at Alex Brown," Murphy said. "He is a very talented guy."

Murphy will be reunited with other friends from his days at AlexBrown, including the firm's OTC chief Chris Holter, who has the same responsibility at First Union. First Union's operations include marquee headoffices in Charlotte, N.C., where veteran trader George Jennison takes the helm on the retail trading side.

Murphy said he is excited by First Union's institutional push. That push was boosted when First Union acquired Wheat First Butcher Singer in January, 1998. The firm had a roster of institutional customers.