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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January 2, 2007

On the Move

By Editorial Staff

Rob Garrett joined Order Execution Services Holdings (OES) as managing director in charge of the company's dark book liquidity program. Dark books are private pools of trading liquidity often sponsored by large broker-dealers. Garrett will advance the business development and sales strategy for its Dark Book Explorer suite of products, the company said. Those include the Dark Gate and InterPool products. The plan is to find ways to integrate dark books into the national market system and its displayed markets from the exchanges and ECNs in a Reg NMS environment, according to OES. Garrett will expand the company's senior staff involved in negotiating agreements with major brokerage firms whereby OES will provide smart routing and other services in connection with their dark book efforts. Garrett previously served as managing director of the strategic trading division of the U.S. Trust Company of New York after it acquired Strategic Trading Corp., which he co-founded in 1992.


Joseph DiPrisco became chief executive of Banc of America Specialist. DiPrisco, 45, was previously the unit's chief operating officer. He replaces Christopher Quick, who moves to another post within Bank of America.


Dave Grove became vice chairman of the Chicago Stock Exchange and CHX Holdings, the owner of the exchange. Grove, who remains chief executive of E*Trade Capital Markets Execution Services, was a member of the board of directors of the exchange and the holding company since April 2004 and February 2005, respectively. As vice chairman, Grove replaces Russ Saletta.


David Harris joined the CBOE Stock Exchange, a unit of the Chicago Board Options Exchange, as executive director. Harris was previously senior vice president of business planning and strategy at the American Stock Exchange.


Bobby Uy recently joined the algorithmic trading group at Credit Suisse, AES International, as a salesman. Uy, who previously sold execution services across asset classes at Bloomberg Tradebook, will cover buyside and sellside accounts in the Western U.S. and Canada. Uy reports to Manny Santayana, who heads AES sales.


Advanced Financial Applications named Patrick Lynch CEO. Lynch, a 22-year industry veteran, was previously president and CEO of SunGard/Brass, a sellside order management system.