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August 31, 2002

Fast Track

By Editorial Staff

*Electronic trading veterans, Sal Arnuk (formerly at Instinet Corp. and E.H. Smith Jacobs) and Joe Saluzzi (formerly at Instinet Corp.), along with Paul Zajac (formerly at First Union Securities) have established a new institutional agency brokerage, Themis Trading. Their trading team includes Pat DeGroat, Neil McKenna and Karen Spolar. The team will continue its focus on strict agency equity trading of OTC and NYSE securities from offices in New York.

*Fred Graboyes has become the president of Orbitex Funds Distributor, the brokerage subsidiary of New York's Orbitex Financial Services Group. Graboyes will oversee the expansion of the unit's institutional agency trading operation. The trader was most recently with BNY ESI, the agency brokerage arm of the Bank of New York. There, he built the firm's portfolio trading capabilities.

*Mats Porle was promoted to head of trading at Sweden's NeoNet

Securities. Porle has been a trader with NeoNet for two years. Previously he worked at Den Danske Bank. Timothy Randall joined NeoNet Securities as a senior sales trader. Randall will work in the agency broker's New York office. He was most recently with Instinet in New York and London where he was responsible for the trading of international securities.

*Richard Russo joined ABI Aprilante & Bomba, Inc., as senior vice president and director of business development. He was previously vice president at Francis P. Maglio & Co.

*Ron Dempsey, a veteran Chicago pro made a switch from Dempsey & Company to Automated Trading Desk (ATD), a Mt. Pleasant, S.C.-based Nasdaq limit order trading firm which is targeting the broker dealer and institutional community. Dempsey will be responsible for marketing various programs, and the Chicago Securities Group's order execution capabilities. The Chicago Stock Exchange specialist firm recently merged with ATD.

*Kevin Browne took charge at Banc of America Broker Dealer Services following the departure of his boss, Seth Gersch. Brown was the second-in-command under Gersch who is said to be exploring other industry opportunities.

*Mike Piwowar and Stewart Mayhew have been appointed visiting academic scholars at the Securities and Exchange Commission's Office of Economic Analysis. They will both serve a one year term. Currently, Piwowar is a faculty member of Iowa State University. Mayhew is on the faculty of Terry College of Business at the University of Georgia.

While working for the commission, the two academic scholars will provide analytical and technical support necessary to help the commission understand and evaluate the effects of its regulatory policies. As part of their duties, they will conduct independent research and analysis in areas concerning the microstructure of equity derivative and debt markets.

*A former Salomon Smith Barney pro, Peter Forlenza, joined Banc of America Securities in New York as global head of cash equities. He will report to Jon Sandelman, head of global equities. Forlenza comes aboard after a 14 year career at Salomon where he was most recently head of all equities trading in Europe, based out of London. In addition, Forlenza was head of the firm's global program trading business, a role he had held since 1991.

*Knight Trading Group named Stephen J. Ashekian to the post of senior vice president of institutional sales. He will also head Knight's Boston office. Ashekian most recently was with Jefferies & Company in Boston. He had been serving as a senior equity sales trader at Jefferies. Ashekian also had previous stints in institutional equity sales at Dean Witter Reynolds and Bear Stearns.