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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Would you feel better if the Chicago Stock Exchange were purchased by U.S. firm or consortium rather than a foreign one?

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November 1, 2002

Fast Track

By Editorial Staff

*Mony Rueven joined Orbitex Funds Distributor, the agency brokerage subsidiary of Orbitex Financial Services Group. He previously ran a broker dealer unit within CooperNeff, a division of BNP Paribas, that handled institutions' portfolio trades. Prior to that he was with renowned quantitative trading house D.E. Shaw. Rueven is based in Westport, Conn., and reports to Fred Graboyes, the new president of the brokerage unit. Graboyes, previously in charge of transition management at the agency brokerage BNY ESI, is also well-known in quant and basket trading circles.

*Paul G. Haaga, Jr., executive vice president and director of Capital Research and Management Company in Los Angeles, was elected to a one-year term as chairman of the Investment Company Institute, the national trade association of the American investment company industry. Haaga is also a member of the Institute's executive committee.

*Troy Nickerson joined SoundView Technology Group as a managing director and head of Nasdaq trading. Nickerson was most recently co-head of Nasdaq trading at the now defunct Robertson Stephens, spending five years with the firm. Prior to Robertson Stephens, Nickerson traded technology stocks at Hambrecht & Quist. At

SoundView, Nickerson replaces John Stagliano and Gil Kernan who led Nasdaq trading for the past year. He will report to Eddie Bugniazet who oversees sales and trading. Nickerson will relocate from San Francisco to SoundView's Old Greenwich headquarters.

*In a surprise move, Matt Andresen quit Island ECN as chief executive and hopped over to Sanford C. Bernstein as head of global trading. Andresen, who was closely associated with the rise of Island as an ECN powerhouse, had been expected to play a major role in its integration with Instinet. A former commodities trader and day trader, the North Carolina native joined Island in 1998.

*Six ex-Robertson Stephens Nasdaq traders have formed a new trading department of Investec, Inc., the rapidly growing U.S. investment banking division of South African bank Investec Group. Greg Holmes will head the department. Jon Preizler will run Nasdaq trading. Kevin Ronayne will head listed trading. Also on board are Steven Tripp, Peter Hansen, and Shane Allen. All are based in New York and trade under the symbol ITEC. San Francisco's Robertson Stephens shut its doors this summer. (See next page).

*At Philadelphia's Vie Financial Group, formerly Ashton Technology, Dean Stamos came aboard as chief executive officer. Stamos was previously co-founder and president of NYFIX Millennium, an alternative trading system subsidiary of NYFIX. Vie provides VWAP executions to institutional traders through its proprietary eVWAP system and an affiliation with the Philadelphia Stock Exchange. The move by Stamos is the second high level departure from the loss-making NYFIX in recent months. In July, Andy Wilson, head of NYFIX Transaction Services, joined agency brokerage UNX as head of sales and trading.

*Jeff Brown was named director of product development at UNX, which is a newly created position. Previously, Brown was a strategist with Fidelity Investments.

*Andy Nybo, formerly a senior analyst for the TowerGroup's securities and investment practice, has been named head of marketing and communications for MarketAxess. He served with the Bond Market Association for 14 years, finishing up as vice president and director of research. Two years ago he joined the TowerGroup.

*Phil Johnston joined First Albany as a managing director on its San Francisco equity trading desk. Johnston is a 12-year veteran and former managing director in equity sales trading at J.P. Morgan Chase.