Commentary

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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March 23, 2005

Fast Track

By Editorial Staff

*Credit Suisse First Boston named Bob Jain to run both proprietary stock and bond trading. Mike Clark, who ran proprietary equity trading, is leaving the firm. Jain had been in charge of equity quantitative trading at CSFB.

*Daniel Coleman was promoted to head of equities for the Americas at UBS. Coleman most recently headed U.S. equity trading at UBS. He replaced Huw Jenkins, who is now head of global equities.

*A familiar figure at trading conferences, Dan Franks joined the equity

capital markets division of Raymond James in St. Petersburg, Fla. He was named managing director of OTC trading. Franks was previously head of market operations at Nasdaq. At Raymond James, Franks reports to Lewis Parks in New York.

*Frederick Bailey was promoted to managing director at BNY Brokerage. He is the national sales manager for plan sponsor sales marketing for transition management, commission recapture and corporate buybacks.

*Bob DiFazio joined Fidelity Capital Markets to run the wholesaler's institutional business. DiFazio replaces Craig Messinger, who left following a reorganization last year. DiFazio formerly ran Citigroup's global equities unit with Arthur Hyde. Both execs were replaced in a shake-up at that firm in 2003. DiFazio and Hyde had led the unit since 1997, when it was still part of Salomon Brothers.

*Leader Equities in the Big Apple, an NYSE member firm offering direct access to hedge funds and institutional accounts, is expanding. Charles Lawrence joined from Ladenburg Thalmann as president and CEO; Marnie Tetzlaff, a former advertising executive at Traders Magazine, was named CFO; John Meade came from Ladenburg Thalmann as COO; Rob Wien, formerly of the Global Synergy Group, joined the institutional sales team; David Hentschel and Robert Dema, came from HLA securities to join Leader's floor operations; Donald Cotter, formerly of Baycrest Securities, and Thomas Hyland, formerly of Eagle Ridge Securities, also joined the floor operations.

*Scott Prince joined newly formed hedge fund, Eton Park Capital Management. Prince was formerly a co-head of Goldman Sachs' equity trading department and a trader of convertibles and equity derivatives.

*Stephen Schoenfeld joined electronic agency brokerage Miletus Trading. Schoenfeld was previously a program trading sales executive at Schwab Soundview Capital Markets. Before that he headed up sales and marketing of the Lattice trading system at State Street Global Markets. Schoenfeld also worked at OptiMark Technologies.

*Joe Barra joined ADP Clearing & Outsourcing Services, a division of Automatic Data Processing, as president. Barra was previously president and CEO of National Investor Services Corp (NISC), the clearing affiliate of TD Waterhouse. NISC was shut down last year. ADP Clearing was formed last year with the acquisitions of U.S. Clearing and Bank of America's clearing unit.

*The NYSE appointed two executives to oversee the development of its fixed-income trading business and to preside over disciplinary hearings. John Holman, formerly a managing director at Piper Jaffray, was appointed vice president, fixed income. He will lead the NYSE's effort to expand trading in corporate bonds. Peggy Kuo, a lawyer formerly at Wilmer Cutler Pickering Hale and Dorr, was appointed chief hearings officer.