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Ain't Gonna Be No Bitcoin ETF

In this reposted bog from Themis Trading, the authors write that sometimes investors need to be protected from themselves - starting with the Bitcoin ETF.

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February 1, 2001

INTL Back on Track After Traders Exit

By Sanford Wexler

Despite the recent loss of its foreign trading team, officials of International Assets Advisory Corp. says its INTL Trading division in Winter Park, Fla., is now fully staffed.

It took about three days to replace Gerry Mastrianni, who had headed the desk, and the rest of his team. The Florida upstarts immediately established a competing firm, GMST World Markets in nearby Mary Lake.

Ed Cofrancesco, a 22-year veteran, has joined INTL as head of capital markets. Cofrancesco most recently served as vice president of international equity sales trading and as an institutional middle market salesman. He is joined by Dan Healy from Spear, Leeds and Kellogg as head of trading; Chris Myers from Dain Rauscher Wessels in Asian securities and Brian Garrow from Morgan Stanley as a Latin American trader.

GMST, the international market maker founded by Mastrianni and Stephen Taormina, has big ambitions. "We want to be one of the premier wholesale, international trading desks," said Mastrianni, the firm's president. Taormina, a veteran market maker and former owner of Princeton Securities, is chief executive.

GMST Squad

Mastrianni is trading Japanese securities; Chris Amato and Steve Carolus are covering European equities; Henry Cortes along with assistant trader, Shelli Ocilka, are handling the Pacific Rim and Latin American markets; and Kevin Stokes is trading Australian, New Zealand, and South African stocks.

The firm also includes Norm Shapiro, who is a member of GMST's institutional sales team. He is a former head of OTC trading at Bear Stearns and a past president of the Security Traders Association of New York.