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.

Traders Poll

Do you think it's a good idea to conduct an access fee pilot to assess the pricing models used by many trading venues?

Yes

67%

No

0%

Should have had a pilot program a long time ago.

33%

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September 30, 2004

Fast Track

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*Steve Massocca, until recently head of trading, was made co-chief executive at Pacific Growth Equities. Massocca is one of the founding partners of Pacific Growth Equities. He was also one of the founders of Volpe, Welty & Company. At Volpe, he ran the trading side of the business.

*Pacific Growth Equities appointed Robert Katz, head of trading, and Darrell Walker, head of sales trading, to the operating committee. Katz, who joined Pacific Growth Equities in 1991, serves as head of trading. Katz came from Volpe Brown Whelan & Co., where he was a senior trader. Previously, Katz worked at the trading desk at Montgomery Securities.

*Brett Redfearn joined Bear Stearns' institutional equities division as a senior managing director. He will focus on Bear Stearns' market structure related strategies. Redfearn joins Bear from the American Stock Exchange, where he was senior vice president of business strategy and equity order flow.

*Leerink Swann & Company hired Billy Gaus as a director of Nasdaq trading. Gaus will be based in New York supporting the firm's expanded Nasdaq trading effort. Prior to Leerink Swann, Gaus spent eight years at Prudential Securities as a Nasdaq trader. A former Merrill Lynch pro, Megan Young, also joined Leerink Swann as a director of Nasdaq trading. Young will be based in New York. Young spent seven years at Merrill as a Nasdaq trader in San Francisco and New York.

*Kevin Houstoun, a consultant to Citigroup in its equities division on alternative executions, was elected by FIX Protocol Limited to serve as co-chair of the Global Technical Committee. Houstoun succeeds Dean Kauffman of TradeWeb, who held the voluntary position since June 2002. As the sellside representative, Houstoun will co-chair the committee with buyside representative Scott Atwell, manager of FIX trading and connectivity at American Century.

*Lee Siegfried joined direct access vendor FutureTrade as chief operating officer. Siegfried will be responsible for managing the day-to-day operations, including development, IT, QA, product management and systems operations. Siegfried will report to FutureTrade

President and CEO Murray Finebaum. Siegfried, an Instinet veteran, joins FutureTrade from DHL Worldwide Express.

*Simon Hutchinson moved to Northern Trust Global Investments in London as head of European transition management operations. Hutchinson was previously head of U.K. clients and portfolio trading at Instinet. At Northern, he will report to Kevin Hardy, global head of transition management.

*Joe Rosen was named managing director of trading technology at the New York Stock Exchange. Prior to his appointment, Rosen was a partner at a financial software consultancy. He is an authority on the strategic use of information technology for competitive advantage in financial services.

*Rohit D'Souza joined Merrill Lynch to run its newly-formed global equity trading desk. D'Souza was previously Morgan Stanley's head of North American equity trading. D'Souza will oversee Merrill's trading and sales trading activities for cash equities, equity-linked products and strategic trading. The exec also has responsibility for Merrill's global equity financing and services business.