Momtchil Pojarliev
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Some Like It Hedged

BNP Asset Management's Pojarliev discusses a variety of options to address foreign currency exposures. Although there is no single best-practice solution for addressing foreign currency exposures, institutional investors have three main choices, he says.

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May 31, 2004

Fast Track

By Editorial Staff

*An industry veteran, Robert Sisti, joined State Street Global Markets as global head of operations. Sisti will oversee the global operational infrastructure that supports equity, fixed income, foreign exchange and money market trading. Sisti has clocked more than 23 years of capital markets operations experience.

*Michael Cashel was appointed president and CEO of Harborside+, the institutional block trading service. Cashel had been chief operating officer. He succeeds Robert Hall, who was named chairman. Prior to Harborside+, Cashel was senior managing director and head of equity sales, Americas, at ABN Amro.

*Paul Saltzman, until recently general counsel of the Bond Market Association, was named eSpeed's Chief Operating Officer. He joins another significant recruit, Kevin Foley, who was brought over from Bloomberg Tradebook where he was president (See Industry Watch).

*Jeanne Victore Crisco joined NYSE independent floor broker W.J. Bonfanti as director of strategic planning. Before her appointment by Bonfanti, Victore was president of SunGard Institutional Brokerage.

*Ellen Fine Levine was elected by the board of the Depository Trust and Clearing Corporation (DTCC) to the role of chief financial officer. Levine is an eight-year veteran of DTCC and its subsidiary, National Securities Clearing Corporation.

*The international law firm of Chadbourne & Parke announced that corporate attorney Dennis Dumas joined as counsel, resident in New York. Dumas was most recently managing counsel, heading the global securities and capital markets practice group in The Bank of New York's legal division.

*Euroclear announced that Tim May, Chief Operating Officer of Gerrard Limited, is taking the helm as CEO of CRESTCo. He is succeeding Hugh Simpson, who is leaving the Euroclear group. For the past decade, May has been actively involved in securities settlement projects across the U.K., including the implementation of a CREST test site at Carr Sheppards, a private-client stockbroker in the U.K.

*Nancy Morris has been named Attorney-Fellow at the Securities and Exchange Commission's Division of Investment Management. The appointment is for two years. Morris was previously vice president and associate legal counsel for T. Rowe Price in Baltimore. She was responsible for domestic and international adviser operations.

*The New York Stock Exchange said that Margaret Tutwiler, who held various posts in a number of Republican administrations, has been appointed executive vice president for communications and government relations. Tutwiler will also ovesee the Big Board's advertising and marketing while serving on the NYSE's Stock Exchange Foundation board.

*The Chicago Stock Exchange announced the election of new governors to its 24-member board. Valerie Jarret, executive vice president and managing director of the Habitat Company, was elected as the new chairman. New faces include William Atwood, Illinois State Board of Investment, David Grove, Dempsey & Co., James Siegel, BOSS Securities Group, Fred Steingraber, Board Advisors and Kruno Huitzingh,

ZV Ventures.

*William Lenox was named ethics counsel at the SEC. He has served in the ethics office since 1993.