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In this blog from IEX, the exchange announces a first-of-its-kind fee that is designed to improve all trading, including the experience of displayed orders - the Signal Fee.

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July 1, 2008

Direct Edge Taps Hess

By Peter Chapman

Direct Edge ECN, in the process of filing for exchange status, tapped the former chief legal counsel at Brut ECN to lead the charge. The ECN hired Eric Hess as its general counsel, giving him responsibility for overseeing all legal and regulatory affairs of the company. That includes leading efforts in connection with Direct Edge's application for two exchange licenses with the Securities and Exchange Commission.

Hess, according to Direct Edge, has a great deal of experience liaising with financial industry regulators. He gained that experience during his previous position at Lehman Brothers, where he was a senior vice president, legal equities. He also dealt with regulators during his tenure with SunGard Data Systems, part of which was spent in the role of chief legal officer for the Brut ECN. Hess also worked in SunGard's Brass division when Direct Edge CEO Bill O'Brien was Brut's chief operating officer.

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