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In this shared blog, David Weisberger says a recent WSJ article is wrong and that traders do need to purchase faster and more comprehensive market data to avoid being fined for violating "Best Execution" obligations.

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May 31, 2001

No Retirement for Boston's Ray Killian

By Peter Chapman

Ray Killian, the courtly Bostonian at the helm of ITG, never really left Boston. Although he runs a New York brokerage, the Boston native makes his home in Rockport, Mass., just north of the city. He spends three or four days a week in New York at the firm he helped birth in 1986. He may soon be spending zero days there if they ever let him retire.

Killian, 64, had planned to make his exit this year after ITG found his replacement. No candidates are in sight, though, and Killian says the search has been "terminated" for now. "We'll make some arrangements towards the end of the year," he added.

Killian, a 33-year veteran of the securities industry, has been chief executive of ITG since 1990. He got his start in the Boston office of Goldman Sachs as an institutional sales representative in 1968 in the early days of block trading. He moved over to Jefferies' Boston office in a similar capacity in 1985. Killian says he found little difference selling for a capital-committing bulge bracket firm and an agency broker. "Both were institutional block trading firms," he says.

Relaxation for Killian means golf. In fact, he recently went to Ireland for four days just to tee off.