Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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July 31, 2001

Fast Track

By Editorial Staff

*Bear Stearns Companies named James E. Cayne (photo), to the additional post of chairman of the board. Cayne, the firm's chief executive and former president, succeeds Alan "Ace" Greenberg, who will continue with Bear Stearns as chairman of the company's executive committee. Alan D. Schwartz and Warren J. Spector were appointed both president and co-chief operating officer. Shwartz will continue as the firm's senior investment banker and Spector will remain as the head of Bear's fixed income division.

*Cantor Fitzgerald & Co. in New York hired Michael McCabe as a senior market maker. He was previously head of Nasdaq trading at Prudential Securities.

*Archipelago in Chicago appointed Steven Rubinow as its chief technology officer. He was previously senior vice president and chief technology officer at NextCard.

*International Securities Exchange in New York appointed Bruce Goldberg as senior vice president, marketing and business development. He was formerly with Service Interactive.

*NDB Capital Markets in Jersey City hired Robert Mezey and Mike Dobin as sales traders. Both Mezey and Dobin, who were previously with Schwab Capital Markets, are also vice presidents at the firm.

*Chris Sarkas joined Oscar Gruss in New York as a sales trader. He was previously at Hill Thompson Magid.

*Deutsche Bank Alex. Brown in New York tapped John R. (Jack) Schwetje as a director in the firm's OTC trading group. Schwetje, who was previously with Goldman Sachs, reports to Keith Gertsen, managing director and head of OTC trading.

*Jon Olesky, previously head of block trading at Morgan Stanley, left the firm to start his own hedge fund.

*Morgan Stanley in New York named David Memmott head of block trading. He previously ran the firm's technology trading group.

*Howard Haykin, previously president of Compliance Solutions, joined Fidelity Investments in New York as audit practices manager and consultant to the firm's internal audit and compliance departments.

*Credit Lyonnais Securities in New York named Scott Curtis head of U.S. equities and trading. He was formerly with Brown Brothers Harriman.

*Susan Mulligan, previously a legal counsel at the New York Stock Exchange, joined Chicago-based Options Clearing Corp. as first vice president and special counsel of government relations. She is based in the company's Washington, D.C. office.

*Fidelity Capital Markets in San Francisco hired Paul Brisson, from Osterweiss Capital Management, as a sales trader.

*Keefe, Bruyette & Woods in Boston hired Mark Kamphaus, from J.P. Morgan Chase, as a senior vice president and senior sales trader.

*Phil Renner, from Deutsche Banc Alex. Brown, joined Legg Mason Wood Walker in Baltimore as a Nasdaq market maker.

*Stacie Swanstrom, previously with Nasdaq, Washington, D.C. joined Nasdaq Tools in Jersey City as vice president and managing director. She succeeds Bob Turynsky, who has retired.

*Nasdaq senior vice president Dan Franks was named head of market operations. Bruce Turner (photo), previously, head of Nasdaq trading at Salomon Smith Barney, was named executive vice president of Nasdaq Transaction Services. He will head up the development and implementation of the SuperMontage system.

*GMST World Markets in Orlando, hired Justin Prouty as vice president, broker dealer relations. He was previously head of international trading at Raymond James.

*Jordan Podell joined Schonfeld Securities in New York as a market maker principal. He was previously with Dalton Kent.