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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April 21, 2005

Fast Track

By Editorial Staff

*ITG Europe, which operates POSIT, announced the appointment of David Stevens as sales director. Stevens was a managing director at JP Morgan, heading up pan-European sales globally. Prior to that he spent six years at Goldman Sachs.

*Jefferies Group hired four traders from Knight Trading Group in Chicago. Marco Botta, Brian Wendt, Chris Levin and Matt Bietty are now prop traders in Jefferies' Chicago office. Botta had been with Knight since 1997 when Knight bought Trade Tech.

*Tim Crawford joined Refco Securities in Chicago to run sales and marketing of a new clearing and execution service targetting broker dealers, institutional investors, proprietary trading desks and hedge funds. Previously, Crawford marketed electronic execution of equities and options at an ABN AMRO unit which was purchased last year by Merrill Lynch.

*Dinakar Singh has established a $2.8 billion hedge fund called TPG-Axon in partnership with Texas Pacific Group, a private equity concern. Singh was formerly in charge of proprietary trading at Goldman Sachs.

*In a newly-created position, Andy Crane became Citigroup's head of equity trading for Europe. Crane will be responsible for trading and risk across all equity products, including derivatives, cash equities and convertibles. Citigroup desk heads across Europe now report to Crane as well as their product managers. Crane was formerly in charge of equity derivatives trading.

*Frank Brown, Ph.D., joined direct market access shop Edgetrade as chief quantitative strategist. Brown is behind the development of Edgetrade's new algorithmic trading platform. He previously worked on the program desks at CSFB and Bear Stearns. He also co-founded a quantitative hedge fund called Estrep Trading Partners. Before joining the securities industry, Brown was a professor of theoretical physics at Columbia University.

*John Twomey and Phil Henningsen joined San Francisco investment bank Merriman Curhan Ford. Twomey is heading trading. Henningsen is a sales trader. Twomey spent 10 years at CSFB. Twomey left CSFB a year ago to join a hedge fund. Henningsen was most recently a sales trader with Schwab Soundview Capital Markets.

*The Philadelphia Stock Exchange promoted Ben Craig to vice president of strategic services. He will manage strategic initiatives, government relations and corporate communications. He will also oversee market structure and other areas.

*Pulse Trading opened a regional office and trading room in Dallas, hiring three local pros. Vincent LaPietra, Erica W. McCrary, and Louis Matrone have each been appointed senior vice president, institutional sales. LaPietra joined from Jefferies & Co.; McCrary came from Capital Institutional Services, and Matrone was head of OTC trading at Southwest Securities.

*Steve Slick and Keith Reisinger joined Sea Securities as brokers on the floor of the Chicago Stock Exchange. Both execs previously worked for Rock Island Securities as floor brokers. Slick had been with Rock Island since 1995.

*Daniel White and Jeffrey Winaker joined RBC Capital Markets' convertible group in sales and trading. Based in RBC's San Francisco office, White and Winaker were most recently with Piper Jaffray.