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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June 6, 2006

Fast Track

By Editorial Staff

*Sam Saccardo retired from Merrill Lynch after 36 years at the firm. Saccardo headed Merrill's sales trading effort in Boston. Rob Pizzella, a managing director and eight-year veteran at Merrill, now oversees sales trading at the nine-person desk.

*Bill Karsh rejoined Knight Capital Group after a five-year absence. The trading industry veteran is now chief executive officer of Direct Edge, Knight's ECN. Karsh last worked for Knight between 1999 and 2001 as head of business development. Since then, Karsh was employed as chief operating officer of California's Embarcadero Securities; president of UNX; executive vice president, electronic trading, with Trading Services Group; and, most recently, chief operating officer with the Bass Division of BTIG.

*Tim Brennan joined Automated Trading Desk as executive vice president, equity options.There, he will oversee development and building of an automated options market making and routing business. ATD is not yet an exchange options specialist. Brennan has several years experience in creating automated market making functions for firms including Morgan Stanley, Citadel Investment Group and Fox River Financial Resources. He was most recently at Fox River where he coordinated trading, quantitative research and technology functions to develop an automated options market making system capable of trading in over 600 stocks.

*Corey Zimmerman joined electronic agency brokerage Order Execution Services Holdings as managing director, options and derivatives. His mandate is to take the cash equities firm into the options agency execution business. Zimmerman is a former principal with Botta Capital Management, a options trading firm formerly based in Chicago. Zimmerman was an options specialist on the floor of the Chicago Board Options Exchange.

*Jim Whelen joined Davenport & Company in Richmond as head of institutional equity trading. Whelen was previously head of listed trading at Wachovia Securities in Baltimore. Betsy Kaufman has also joined the firm from Wachovia. Kaufman heads sales and trading administration for the department.

*Michael Dura became chairman and chief executive of UNX, an agency brokerage based in Los Angeles. Dura replaces Randy Abernethy, who became UNX's vice chairman. Dura was also the founder and a managing member of the Albany, New York-based money manager Prex Capital Partners. Previously, Dura was president of Correspondent Services Corporation, which was sold to Fidelity's National Financial Services in 2003. Dura also ran equity research, sales & trading at Schroder & Co.

*Miletus Trading added two hires.

Jim Gibbons joined Miletus as a sales trader. Gibbons, previously with B-Trade, reports to Michael Capelli, who oversees the desk. John Tulli, previously with NYFIX, joined the firm as an institutional salesman. He reports to Stephen

Schoenfeld, who manages sales.

*Jones Trading added two sales traders to its New York office. Alex

Robson was previously with TD Securities in New York. Gerry Betts, previously with Bear Stearns, also joined as a sales trader. He specializes in clients employing risk arbitrage strategies. They report to Joe DiChiacciao, who heads the New York desk.

*Robert Krioski joined agency brokerage Order Execution Services as senior vice president, sales and marketing. Krioski reports to Michael Barth, senior vice president, Exchanges and Market Centers. At OES, Krioski will market OES's services in the U.S. and abroad to broker-dealers, exchanges and market centers. Krioski was most recently a marketing executive with SunGard Trading Systems/BRASS. He has also worked at Portware, Brut ECN, LLC. Krioski is an original member of the Bloomberg Tradebook team.

*Kevin Thomas Henry joined the Riderwood Group in Towson, Maryland, as managing director of equity products. Henry, a 15-year veteran of Schwab Capital Markets, is in charge of building an equity trading and sales division for the middle market investment bank. He reports to Mitch Fillet, president of Riderwood.

*Chuck Kennedy was promoted to run Piper Jaffray's Algorithmic and

Program Trading Group (APT). Kennedy joined the APT group in May of 2005 with over 15 years of experience in system design and trading structure as well as defense industry electronics. He is based in New York and reports to Mark Donahoe, director of equity trading.