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Brijesh Malkan
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Solving the Last Mile Problem in Investment Research

One executive takes a forward look at how will the research value proposition change over the short to medium term, and what are the products and strategies managers will turn to?

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August 11, 2008

People On The Move

By Editorial Staff

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  • People On The Move

Michael Schaftel has taken on an expanded role at Morgan Stanley and now oversees sales trading across multiple products. Prior to the move earlier this year, Schaftel ran equity sales trading for the Americas from the firm's New York headquarters. The expanded area of coverage includes sales trading for derivatives and the firm's electronic trading products-Morgan Stanley Electronic Trading (MSET)-which includes single-stock and program trading. Schaftel joined the firm in 1994 and spent eight years in Europe, where he rose to management positions in both sales trading and capital markets. He returned to the U.S. in a capital markets position before moving on to head sales trading.


RBC Capital Markets is this year's Wings Over Wall Street's Presenting Sponsor for the primary fund raiser held on September 25 at the New York Marriott Marquis. The capital markets group of RBC donated $100,000 as Presenting Sponsor. The Muscular Dystrophy Association and Wings Over Wall Street host this benefit each year to fund research for amyotrophic lateral sclerosis, or ALS. Two senior RBC Capital Markets executives Robert Grubert, head of U.S. equities and sales trading, and Nick Ponzio, president and CEO of Hill Thompson Magid & Co. were the driving force behind this most generous donation.


Liquidnet promoted Ken Hight to global head of equities. Hight is still president and chief executive officer of Liquidnet's Canadian subsidiary, a position he accepted in March. Before joining Liquidnet, Hight had been executive vice president of E*Trade Capital Markets since 2005. Before that he was president and chief executive officer of ITG Canada for five years.


Benjamin Chrnelich joined NYSE Euronext as a senior vice president and chief administrative officer of Advanced Trading Solutions, a unit of NYSE Euronext that provides connectivity, data management and transaction solutions for trading firms, vendors and financial markets. Chrnelich will be responsible for strategy, planning, business reporting and project management for the unit. He will report to Larry Leibowitz, group executive vice president and head of U.S. execution and global technology. Chrnelich joins NYSE Euronext from Lehman Brothers, where he was chief administrative officer for global equities sales and trading.


Will Easley, vice chairman of the Boston Options Exchange, will act as its interim leader. He replaces Scott Morris, who left the firm. Easley is one of the founders of BOX, which was established in 2002. Morris was named BOX's chief executive in 2006. He had previously worked at Hull Trading, now part of Goldman Sachs, designing trading systems. In an unrelated move, BOX also hired Todd Rich as its new director of sales and marketing. Rich most recently served as the director of sales for the U.S. Futures Exchange. He is also a former options market maker at the Chicago Board Options Exchange. Rich reports to Alan Grigoletto, vice president of business development and marketing.


Stuart Breslow is now chief executive of Townsend Analytics, a unit of Lehman Brothers. In April, he replaced Jeff Wecker, who left the firm. Breslow was formerly Townsend's chief information officer and a Lehman executive.


Jim Kelly joined Morgan Stanley to run its transition management group for the Americas as an executive director. Kelly, who spent 28 years on the floor of the New York Stock Exchange, previously headed sales and client services for Bear Stearns' transition management department.