Commentary

Robert Schuessler
Traders Magazine Online News

A Smarter Monkey

In this contributed piece, TIM noted that some traders do better than others when using data that has been run through certain analysis - that is, have used some form of machine learning to assist them.

Traders Poll

In his first public speech, SEC Chair Jay Clayton deviated from his prepared remarks and offered his own "off the cuff" comments on market issues. Do you like this change of pace?




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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.