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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March 1, 2002

Fast Track

By Editorial Staff

*vFinance Investments in Boca Raton, Fla. hired Darryl Proctor as compliance manager and Ian Jacobs as an assistant trader in the firm's wholesale market making department. Both were previously with Program Trading Corp.

*Boston Stock Exchange promoted George W. Mann, Jr. to executive vice president and general counsel. Mann was formerly senior vice president and general counsel. Three new governors were elected to serve two-year terms to the board: David F. Denison, president, Institutional Brokerage Group, Fidelity Investments; Deborah C. Jackson, CEO, American Red Cross of Massachusetts Bay; and W. Robert Mudge, region president of New England, Verizon Communications, Inc. They replace outgoing Governors Robert L. Caporale, Charles T. Harris, and Robert P. Mazzarella.

*Tom Newton joined Davenport & Co., Richmond, VA., as a vice president and institutional equity sales trader. Earlier, he was with Branch Cabell, a division of Tucker Anthony.

*Lou Eccleston, a veteran Bloomberg official, has departed the firm for Siebel Systems. He will run the financial services division of the San Mateo-California based vendor, which sells customer relationship management applications software.

*Bob Sonzo, an industry veteran, left Knight Trading Group where he was vice president of sales, joining Galway Securities as senior vice president of marketing.

*nThe co-founder of the Tradepoint Stock Exchange, Stephen Wilson, has departed Virt-x. Wilson joins Reuters Group Plc. where he will serve as director of equity alliances for the investment banking and brokerage customer segment.

*At C.E. Unterberg, Towbin, Anthony Vellucci, who had assisted John Cronin, the head of trading, has been promoted to OTC market maker. In another move, Nicholas Marotta has been hired as an OTC market maker. Previously, he had been at Gruntal & Co., trading for the firm's Nasdaq institutional unit.

*Paul Sasseville joined Premis Group, an e-commerce and Web developer in Miami Beach, FL. as vice president, business development in the finance and media industries. He was previously vice president, sales and marketing at Knight Trading Group.

*Edward Kim joined Nasdaq as senior vice president in the corporate client group. Before joing Nasdaq, Kim was senior vice president, corporate operations, for Purchasepro.com.

*Wells Fargo Securities hired John Carauna, formerly of W. R. Hambrecht, as director of equity trading and expanded its trading desk. The desk added Todd Clark, managing director of listed trading, Doug Princiotta, senior Nasdaq trader, and Jeff Phillips, also a senior Nasdq trader. Clark had worked for VolpeBrown Whelan and Co. as well as PaineWebber. Princiotta and Clark had also been working for VolpeBrown Whelan and Co.

*Bob Corcoran joined SoundView Technology as a sales trader. He'll concentrate on the firm's overseas accounts. Bob was previously with Credit Suisse First Boston. Tricia Ward joined SoundView also as a sales trader after six years with Donaldson Lufkin & Jenrette (her last year moving to CSFB with the DLJ merger). Ward will focus on promoting SoundView's U.S. product among the company's international accounts.

*Stacie Swanstrom was promoted from vice president to president of Nasdaq Tools. Swanstrom will develop and implement strategic opportunities and initiatives.

*A longtime securities lawyer on Wall Street is now on a different kind of beat. Stephen Hammerman, former general counsel and vice-chairman at Merrill Lynch, was named deputy commissioner for legal affairs for the New York City Police Department. Hammerman, who's 64, has some 26 years in the securities industry.

*First Albany's trading desk has several new hires. Jon Wolff, formerly of Berger Capital Management, Tood Wood, who previously worked for J.P. Morgan, and Leslie Flaws, who had traded for RBC, are all working for First Albany as sales traders.

*The Nasdaq Stock Market's Economic Advisory Board (EAB) added three

members: Robert H. Jennings, a finance professor at Indiana University, Kenneth A. Kavejecz, an assistant professor of finance at the Wharton School, and Bruce N. Lehmann, a professor of economics and

finance. He is a member of the faculty of the University of California.