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June 4, 2007

On The Move

By Editorial Staff

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  • On The Move

Edward Craig became head of U.S. cash equities trading at Jefferies & Company. Craig, a managing director, replaces Ron Hammer, who has left the firm. Craig joined Jefferies last year to head trading of the broker-dealer's consumer, retail and gaming sector. In his new role, the 12-year industry veteran oversees all exchange-listed, Nasdaq, and Bulletin Board cash trading. Craig retains his sector responsibilities. His promotion comes as Jefferies reorganizes its equities trading department. Last year, the firm organized the department along sector lines. In recent months Jefferies has brought in outside traders to increase its capital commitment. Ross Stevens, co-head of equities at Jefferies, said capital is necessary because agency is a "commodity," and the buyside requires "help in difficult situations."


Joseph Benanti joined Rosenblatt Securities as a broker on the floor of the New York Stock Exchange. Prior to joining Rosenblatt, Benanti was running his own NYSE floor brokerage. The trader has been a member of the NYSE since 1982 and has worked as a floor broker for Paine Webber and Robertson Stephens.


Richard Herr joined Investment Technology Group as a senior vice president in charge of strategic and business development. This is a new position. Herr will be responsible for evaluating strategic partnerships and acquisitions. Herr was previously a securities analyst at Keefe Bruyette & Woods covering brokers, exchanges and trade-execution firms.


John Tulli, formerly of Miletus Trading, recently joined Credit Suisse's AES sales team. Tulli, who covers the Northeast, reports to Rupert Fennelly, an AES director in New York. Michael Healy, formerly of Bloomberg Tradebook, also joined AES sales. Healy, who covers the Midwest, reports to Rob Maher, an AES director based in San Francisco.


Credit Suisse beefed up its electronic trading group in derivatives sales with two new hires. Andrew Yao, formerly of Portware, joined AES Futures as a vice president. Brent Kochuba, formerly of Banc of America, joined AES Options. Both report to Manny Santayana, managing director and head of AES sales.


John Pastorelli rejoined Morgan Stanley's trading desk as head of the industrial sector. Pastorelli joins from Deutsche Bank, where he spent two years trading industrial stocks. Prior to that, he was at Morgan Stanley for more than 10 years, where he also traded industrial stocks.


Richard Chmiel, previously director of sales for LatentZero in New York, recently joined Skyler Technology, a Walnut Creek, Calif.-based vendor offering event stream processing technology. Chmiel, who runs the company's New York office, is a vice president in sales.


Stephens Inc. recently opened two new offices and hired four sales trading professionals. The Little Rock-based broker opened a New York and a Chicago office. Sales traders Brian Halloran, previously a managing director with Bear Stearns, and Nilsa Vazquez, previously a director at Ryan Beck & Co., will work in New York. William Van Buren, a former director at KeyBanc Capital Markets, runs the new Chicago office. Jerald Pawloski, previously a senior sales trader at Summer Research Partners, joins the firm's existing office in Boston.


Jefferies made a slew of hires:

On the sales trading front, the firm brought in Leon "Tres" Green III and Stephen Sibilia. Green was formerly with Banc of America Securities. Sibilia was with Sanford Bernstein and Goldman Sachs. Each have more than a decade of institutional equity sales experience.