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August 9, 2006

Fast Track

By Editorial Staff

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*Brian Fagen joined Lehman Brothers as U.S. head of electronic sales. He reports to David Porcelli, head of U.S. liquid market sales. Fagen was most recently head of electronic trading and portfolio trading sales at Morgan Stanley. Fagen spent 19 years at Morgan Stanley holding positions in program and derivatives sales and trading. The exec spoke at length in an interview that appeared in January's Traders Magazine that discussed electronic trading and trade-cost analysis.

*Jefferies & Company started a derivatives trading desk with three hires from Goldman Sachs. The firm hired Alexander Wohl as head of equity derivatives trading; Benjamin Cohen as a senior equity derivatives trader; and Mike George also as a senior equity derivatives trader. Wohl has over 12 years of experience in the securities industry. He was most recently co-head of derivatives trading at Goldman, where he worked for seven years. Previously, he held related positions at Bear Stearns and O'Connor & Associates. Cohen also spent about seven years at Goldman, most recently as a senior derivatives trader. George was most recently a vice president at Goldman, where he had worked since 1998.

*ITG Solutions Network added three new hires to its Plexus Product Consulting group and one to its post-trade sales team. Michael Sparkes joined as head of its Plexus European operations. Sparkes previously held the position of managing director at Delta Lloyd Securities. Masami Johnstone also joined Plexus in Europe as a consultant. Johnstone was previously a senior manager on the risk and quantitative analysis team at Barring Asset Management. Richard Dixon joined Plexus as a plan sponsor consultant in the U.S. Dixon previously was vice president of global portfolio transitions at Instinet. Debra Giordano joined as a post-trade sales manager. Giordano was previously a vice president of sales at FlexTrade.

*Peter Gaffney was promoted to president of AXES, an electronic agency brokerage focused on cross-border trades. The post of president is a new one at AXES, a unit of brokerage Auerbach Grayson. Gaffney was previously an AXES executive vice president for about one-and-a-half years. Prior to joining AXES in 2005, he worked as a consultant. Before that, Gaffney served as president of electronic brokerage NeoNet Securities.

*Eric Soderberg joined ClariFI, a privately held solutions provider to the quantitative fund management industry, as vice president of marketing. Previously, Soderberg was vice president of marketing for Investment Technology Group. Before that, he was vice president, global marketing for buyside order management systems vendor Macgregor. ClariFI is based in Boca Raton, Fla.

*BNY Brokerage made two hires. Kevin Byrne, CFA, has joined BNY's global transition management group as a senior vice president and head of U.S. sales and marketing. Previously, he was head of transition management for North America at J.P. Morgan. Steven Irgang joined BNY as a vice president in sales and marketing. He will focus on expanding and developing client usage of DEx (Direct Execution Services), BNY Brokerage's electronic direct market access platform. He is a 20-year veteran of brokerage sales and trading and joins from J.P. Morgan.

*Douglas Nelson and Michael

DeJarnette have formed NorthPoint Trading Partners, an institutional brokerage and fund services company. The two executives were formerly partners at Neovest, Inc., a direct market access vendor now owned by JP Morgan.