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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November 1, 2001

Dealer Rebuilds After WTC Tragedy

By Sanford Wexler

Cantor Fitzgerald, the trading firm that lost some 700 employees in the attacks on the World Trade Center, is rebuilding its equities desk.

The firm, which had dealing desks on the top floors of the North Tower, has relocated part of its trading operations to 299 Park Avenue, space once occupied by UBS Warburg.

The firm has returned to making markets in about 400 Nasdaq stocks and is bringing in new traders. Cantor has hired some 30 traders, including listed, Nasdaq/OTC, and sales traders. "You can't sit around," said Philip Marber, the firm's president of institutional equities.

"Volumes are good," he added. "We are not fully staffed yet. So it's still a little stressful and kind of hectic. But we are getting through it."

Cantor is also calling up its alumni to man some of the firm's senior spots. Adam Mattessich, who was previously with HSBC Securities for only a few months, and formerly with Cantor for four years, has rejoined to co-head its international trading desk. Keith Rance, who was based in the firm's London office, returned to New York to co-head the desk with Mattessich.

The international desk also hired Stephen Noden, previously with J.P. Morgan, and Luke Hannafin, formerly with ABN Amro.