Commentary

Elaine Wah

Modern Markets, Modern Metrics - A Blog By IEX

In this blog by IEX's Elaine Wah, the newest public exchange looks to refute public claims that the metrics it uses are designed to inflate its own volume numbers and mislead people.

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December 6, 2006

Fast Track

By Editorial Staff

*Mike Cormack, executive vice president for electronic trading and new products at the New York Stock Exchange, will leave his post early next year. He will become a senior consultant to the NYSE. Cormack and his family are moving to Vancouver, Canada. Cormack joined the former Archipelago Holdings, Inc. in January 2000. He is responsible for the NYSE Arca trading operations and new product development.

Cormack also oversees related strategic planning and acquisitions, such as the recent MatchPoint Trading, Inc. and Marco Polo Network transactions.

Senior vice president Paul Adcock, who will become executive vice president of operations for NYSE Arca, will take over Cormack's responsibilities. Adcock currently manages NYSE Arca's trade support efforts for equities, options and OTCBB. He also handles client interaction for matters involving new systems functionality, rules, trading activity and order routing.

*Lava Trading picked up two senior executives from NYFIX for its sellside group. Keith Jamaitis joined as director of ColorPalette, Lava's order management system product. Jamaitis was most recently president of NYFIX USA. He previously held various positions in software development and technical management in the telecommunications industry. Jack Kindregan joined Lava as director of sellside sales. Kindregan had been with NYFIX since 2000 when he was hired as a vice president of sales and marketing for NYFIX's crossing network, Millennium. Previously he had been head of equities for ABN Amro Chicago Corporation, head of sales for Furman Selz and head of institutional sales for PaineWebber. NYFIX, following a cash infusion by a private equity firm, has been restructuring its senior management.

*Derek E. Jerger joined GunnAllen Financial in Tampa as head equity trader. Jerger, who joined from Raymond James & Associates, trades stocks in the Internet software sector. Rob Armstrong, also previously with Raymond James, joined as an equity trader, trading semiconductors, telecom equipment and network stocks.

*Ron Pasternak has joined Hudson Securities as executive vice president in charge of broker-dealer sales and institutional execution services. Pasternak was previously president of Direct Edge ECN. Prior to that, he was director of trading technology at Knight Capital Group for 12 years. Pasternak reports to Marty Cunningham, chairman and CEO of Hudson Securities.

*Paul Havens and Bert Rios have joined Shoreline Trading Group to co-head the firm's agency trading area. Shoreline Trading Group is a provider of prime brokerage and agency executions to small- and mid-sized hedge funds. Havens and Rios are both veterans of Goldman Sachs and Spear, Leeds & Kellogg.

*Ken Conklin has been promoted to vice president of sales for BATS Trading ECN. Conklin began as a software developer for BATS last year and moved into sales management earlier this year. Prior to joining BATS, Conklin was a software developer for Tradebot Systems, an automated liquidity provider. He has also worked as a financial analyst and commercial lender for Bank of America.

*Securities Industry Automation Corporation (SIAC) CEO Marianne C. Brown submitted her resignation to the SIAC board of directors. Brown took the reigns as president and CEO of OMGEO. Upon her departure, Jerry Putnam, SIAC chairman and president and co-chief operating officer of the NYSE Group, will assume the role of interim CEO and executive vice president Thomas Demchak will become chief operating officer.

*Joseph S. Rizzello, recently appointed chairman of the National Stock Exchange (NSX), was also named CEO of the exchange, according to Donald L. Calvin, chairman of the board of NSX Holdings. Rizzello replaces David Colker, who left to "pursue other opportunities," according to NSX. Colker has offered to stay with the NSX during a transition period. Rizzello had been a special adviser to Colker and the exchange's board since September 2004. A 35-year securities industry veteran, Rizzello most recently was managing director of Pershing LLC and president of Pershing Trading Company. Earlier he held positions at Vanguard Brokerage Services and the Philadelphia Stock Exchange.