Commentary

John Turney
Traders Magazine Online News

Foreign Exchange Infrastructure: Yesterday, Today and Tomorrow

In this exclusive to Traders Magazine, John Turney, Global Head of Outsourced FX at Northern Trust, discusses the evolution of the fx infrastructure and what is to come.

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April 21, 2005

The New' Domestic Securities

By Gregory Bresiger

Domestic Securities is making a push into Nasdaq business, according to Rick Petrone, senior vice president. Petrone, who previously worked for Schwab Capital Markets, is recruiting professionals with Nasdaq experience.

"We have been basically a Bulletin Board and Pink Sheets firm until the last six months," Petrone says. He adds that this OTC business now comprises about 80 percent of Domestic's revenues, but that is going to change. "We are going to concentrate on the Nasdaq small-caps and mid-cap stocks. These can be profitable for us. The Nasdaq 100 and other bigger caps wouldn't work out," Petrone says.

Domestic Securities, which has offices in Clark and Montvale, New Jersey, has gone from four to 13 traders. The firm, which owns Attain ECN, now makes markets in some 4,000 stocks. Harvey Houtkin, who once ran the controversial All-Tech operation, is an officer of Domestic. But he does not run the day to day operations, according to Petrone.