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.

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December 1, 2001

Fast Track

By Editorial Staff

*Bob Donovan joined Instinet in New York as vice president and global head of its clearing and settlement group. He was previously executive vice president and director of operations at Legg Mason.

*The Boston Stock Exchange named Michael J. Curan executive vice president and chief information officer. He was previously chief operating officer of Zurich Scudder Investments's international business unit.

*Cantor Fitzgerald named Steve ("Blister") Bliss and Anthony Manzo as co-heads of the firm's Nasdaq/OTC trading desk. Bliss had previously retired from the firm. Manzo was previously with Prudential Securities. Rob Pellanti and Linda Schoff, both from Robertson Stephens, rejoined the firm as Nasdaq market makers. Pellanti is based in Cantor's Darien office and Schoff is in San Francisco. Ed Iannone, from J.P. Morgan Chase, and Mark Furmato, previously with Salomon Smith Barney, joined the firm as Nasdaq market makers in the firm's Darien office.

*Scott Samowitz joined Prudential Securities in New York as a Nasdaq trader. He was previously with Credit Suisse First Boston and formerly with Donaldson, Lufkin & Jenrette.

*Keefe, Bruyette & Woods in New York promoted John Ragan (photo) to director of equity trading. Phil Cuthbertson and Lawrence Vitale rejoined the firm's equity trading desk. Cuthbertson, who was previously retired, spent 20 years at KBW, including 13 years as head trader. Vitale was formerly a managing director at Lone Pine Capital. Al DiAntonio also rejoined the firm as a senior vice president, equity sales and trading. He was previously with KBW for six years and was most recently with Knight Securities.

*Rob Gales joined First Albany Corp. in New York, as co-head of equity capital markets. He was previously with Dain Rauscher Wessels in Minneapolis, now named RBC Capital Markets.

*Sandler O'Neill & Partners in New York hired Robert Castrignano, from Goldman Sachs, as managing director of equity sales and trading. Marijane Uehlinger joined as associate director of equity sales. She was previously a director of Nasdaq trading at Merrill Lynch.

*Charles Schwab Corp. in New York named vice chairman and chief information officer, Dawn Lepore (photo), to the additional post of chairman, technology and administration. She will continue to report to David Pottruck, the firm's president and co-chief executive, and continue as a member of Schwab's executive management committee. Geoff Penney was appointed chief information officer. He was previously heading up the firm's client technology group.

*Credit Suisse First Boston in London named Stefano Natella and Jim Kreitman co-heads of the firm's European equities unit. Natella was previously co-head of European equity research and Kreitman was co-head of the firm's equity derivatives and convertibles group in Europe.

* A. Robert Towbin joined Little Rock, Ark.-based Stephens Inc. as a managing director. Towbin, who was previously a partner at C.E. Unterberg, Towbin, is based in New York.

*The Securities and Exchange Commission appointed Stephen M. Cutler (photo) director of enforcement. Cutler, who succeeds Richard Walker, was previously acting director of enforcement. Peter H. Bresnan was named chief litigation counsel. He was formerly assistant chief litigation counsel. Michael W. Robinson was named director of public affairs. He was previously with Friedman Billings Ramsey. Brian J. Gross was appointed to the newly created position of director of communications. Gross was formerly deputy Republican staff director and counsel to the Senate Banking Committee.

*Steve Korn joined the board of directors of FinancialCAD Corporation in Vancouver, British Columbia. He is a financial solutions practice leader with EDS in New York.

*BNY Clearing Services International in New York has moved to 1633 Broadway, 13th Floor.