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David Weisberger
Traders Magazine Online News

Stop the BS & Promote Real Transparency!

In this shared blog, David Weisberger says a recent WSJ article is wrong and that traders do need to purchase faster and more comprehensive market data to avoid being fined for violating "Best Execution" obligations.

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January 1, 2003

Instinet/Island Change Capitol Jockeys

By Gregory Bresiger

In a move that surprised some, Peter Rich has been removed as Instinet/Island's chief Washington lobbyist. He will be replaced, in part, by Andrew Goldman, executive vice president. Goldman, along with Instinet General Counsel Paul Merolla, will jointly supervise Instinet/Island's Congressional lobbying efforts.

"Our chief priority is to find the most efficient way to integrate electronic markets into the traditional markets so they can fully and fairly compete," Goldman said. He added that his firm has no particular law or rule it is committed to changing or passing this session, but "wants to educate" regulators and lawmakers on the needs of electronic markets. Goldman's additional duties, along with the departure of Rich, raised eyebrows in the trading community.

"It was unexpected," said one trading industry lobbyist, "because Goldman is an Island guy and the person he replaces is an Instinet guy."

Many people are watching closely to see what happens in the wake of the merger of the new electronic trading giants. The betting among most trading professionals has been that the Instinet culture will override the Island culture. Many have been expecting dramatic changes in the giant ECN, which is so powerful that it has shunned the use of Nasdaq's new trading platform.