Commentary

Elaine Wah

Modern Markets, Modern Metrics - A Blog By IEX

In this blog by IEX's Elaine Wah, the newest public exchange looks to refute public claims that the metrics it uses are designed to inflate its own volume numbers and mislead people.

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February 1, 2003

Fast Track

By Editorial Staff

*Cantor Fitzgerald named Edward Laux head of listing trading. He is a 22-year industry veteran having joined from Kevin Dann & Partners where he was head of trading. Cantor also hired a former top Morgan Stanley producer and equities trader, Paul Leddy, as a senior sales trader. Leddy will be based in Cantor's Shrewsbury, N.J. office.

*Bill Greene is the new head of Jefferies' Nasdaq desk. He replaces Lenny Hefter who is retiring after a 30-year career with Jefferies. Greene, who has spent the past six years with Jefferies, works out of the firm's Dallas office.

*Scott Lybbert was named president of TGFIN Holdings, parent of TradinGear.com, an order management systems vendor. Lybbert, formerly TGFIN's chief financial officer, replaces Sam Gaer who becomes chairman. Gaer will also become an employee of the New York Mercantile Exchange following the sale of certain TGFIN assets to the NYMEX.

*Pulse Trading Inc. announced the hiring of Michael McClory as a senior equity trader. He will concentrate on electronic trading in listed stocks. He was previously at Moors & Cabot, where he ran the desk for the firm's Boston Stock Exchange floor brokerage business. Pulse also expanded its Chicago office. Earl Manns and Rita Sullivan were named as equity sales traders in Chicago. Manns was previously a sales trader at Chicago-based William Blair & Co. Sullivan was previously an equity sales trader in the Chicago office of Goldman Sachs.

*Wendy Beaver, a 25-year veteran of the buyside and a former consultant to Nasdaq Institutional Relations, has a new post. She joined Prime Executions as executive vice president of business development. She will focus on direct access to the floor of the New York Stock Exchange. Beaver joined from LaBranche Financial Services. Beaver spent 15 years as head equity trader at NationsBank during her buyside career.

*The Orlando branch of GMST World Markets welcomed Jason Sharfstien. Sharfstien is a trader who relocated from the firm's division in Pennsylvania. In the Sunshine State, he will trade in the Japanese markets.

*Fidelity Capital Markets, the institutional sellside affiliated firm of Fidelity, is building its trading desk in the San Francisco area to service West Coast clients. Matt Kelly, an equity sales trader, is the latest recruit. He joined Fidelity from Robertson Stephens where he was also a sales trader.

*Bob Baumann joined investment bank Investec Inc. as director of listed trading. Baumann will be responsible for expanding Investec's healthcare practice in addition to further developing the Investec's trading desk, which opened in New York late last year. Baumann was previously a healthcare trader at Goldman Sachs.

*Tom Limerick joined Schwab Capital Markets as head of institutional listed trading. The move follows a 20-year career at Bear Stearns. At Schwab he will manage the trading of all listed order flow and the exchange floor operations. Limerick joined the block desk at Bear Stearns in 1987 and spent the past three years as head of its institutional block trading.

*LaBranche Financial Services hired industry veteran Art Kearney. Kearney was named president of institutional sales and Midwest institutional sales representative. He is based in Minneapolis. Kearney spent 31 years at J.G. Kinnard. He is a past chairman of the Security Traders Association.

*Steve Blatney joined NYFIX Millennium as director of sales, a newly created position. Blatney, a ten-year veteran of the electronic trading industry, was most recently director of sales for the Island ECN. Blatney will report to Bob Gasser, CEO of NYFIX Millennium and NYFIX Transaction Services.