Commentary

Jared Dillian
Traders Magazine Online News

Was it Worth It?

In this piece from 10th Man, author Jared Dillian discusses how the ETF revolution is less about ETFs and more about indexing; about how people have come to view stocks less as stocks and more as blobs of stocks.

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May 16, 2007

On the Move

By Editorial Staff

Also in this article

  • On the Move

David Krell, president and chief executive officer of the International Securities Exchange, will retire in January. He and chief operating officer Gary Katz (photo) founded the exchange in 2000. Both earlier worked in the New York Stock Exchange's options division. Katz will succeed Krell as president and CEO next January. Katz will also join the ISE's board of directors.


Rick Holway was recently named CEO of Firefly Capital, a trading technology provider to institutional money managers. He joined the Boston-based firm as a managing director two years ago and guided sales and its strategic effort. Holway founded Harborside, the now-defunct crossing system, in the late 1990s.


Peter Martyn joined the National Stock Exchange as vice president of customer services, a newly created position. He will serve as the liaison between the exchange's sales staff and the technology group. Martyn most recently worked at Nasdaq, where he was a managing director for transaction sales.

The National Stock Exchange promoted Yizhaq "Zak" Pinhas to vice president and director of development. Pinhas joined NSX in 2006 as director of development in the exchange's technology area. He worked on the design and development of NSX's BLADE trading platform and the NASD/NSX trade reporting facility. Previously, Pinhas was director of the application services group at Nasdaq from 2004 until 2006.


David Margulies joined Weeden & Co. this month to manage the firm's algorithmic trading sales effort in Greenwich, Conn. Margulies previously ran electronic trading sales for Susquehanna Financial Group in New York. He joins Paul Pantalena, a longtime buyside trader who joined the firm last year, and Doug Rivelli, who heads program trading and the firm's Pragma@Weeden algorithmic product. The firm expects to make additional hires in the electronic trading area.


Bryan Harkins recently joined Direct Edge ECN as director and head of sales. Harkins was previously in sales at Nasdaq, where he spent almost six years.


Scott Cohen joined Wachovia Securities as a managing director in the cash equity trading business. He will oversee trading in the equities financial sector and report to Peter Gunderson, head of cash equity trading. Cohen previously spent 28 years with Prudential Equity Group, holding a number of senior positions within equity trading, most recently as a managing director running listed and Nasdaq trading.


Tim Chapman joined Jordan & Jordan's management consulting practice, where he will focus on electronic trading tools and market strategies. Chapman was most recently with BearingPoint as a consultant with its capital markets group. Before that, he worked in electronic trading at Knight Capital Group and Merrill Lynch.


Rob Shapiro joined Morgan Stanley Investment Management as executive director of trading and execution analysis. Shapiro, a former head trader at Iridian Asset Management, was most recently a senior vice president in Abel/Noser Corp.'s trading strategy group.


Matt Newton was appointed an at-large director on the board of the National Stock Exchange. Newton is a managing director and head of single-stock trading of U.S. equities at Citi Markets and Banking. Newton was also appointed to the board of NSX Holdings, the exchange's parent company. He replaced Steven Keltz, counsel for Citi Markets and Banking, in both positions. Citi is an investor in the National.