Commentary

John Turney
Traders Magazine Online News

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.

Traders Poll

What is your favorite movie about trading?

Wall Street

23%

The Big Short

13%

Margin Call

6%

Equity

0%

Trading Places

38%

The Wolf of Wall Street

8%

Boiler Room

7%

Arbitrage

0%

Too Big to Fail

5%

Free Site Registration

June 30, 2001

No Stranger to Liquidity

By Peter Chapman

Richard Korhammer spent much of the 1980s underwater -- literally.

The Lava Trading CEO swam for the U.S. swim team from 1986 through 1989. In 1987, his breast stroke won him two gold medals at the Pan American games. He didn't make the 1988 Olympics, but placed third in the pre-Olympic trials.

All puns about pools of liquidity aside, Korhammer first detected the Street's fragmentation angst while working as a consultant. In the 1990s, he spent five years with New York's J.L. Freeman and a year or two with his own MK Partners. He advised investment banks how to run their businesses. More than half the work was trading-related.

"We worked on trading profitability, trading strategies, and trading floor technologies," he said.

Korhammer, 35, was no stranger to trading technology. A stint with Steve Jobs' doomed NeXT Software had him teaching program trading desks how to use object-oriented technologies to build trading systems. The technology made it possible for them to change their algorithms in real-time to respond to market changes.

Korhammer graduated from Princeton in 1989 as did Lava Trading co-founder Kamran Rafieyan.