Commentary

Tim Quast
Traders Magazine Online News

We're All HFTs Now

In this guest commentary, author Tim Quast looks back at the history of HFT and how the market has evolved to where many firms now fit the definition of high-frequency trader.

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January 3, 2011

People On the Move

By Staff Reports

Also in this article

  • People On the Move

Greg Ludvik joins FlexTrade Systems as a director to run ColorPalette OMS, an order management system the firm recently acquired. FlexTrade, a provider of multi-asset trading platforms, purchased ColorPalette from Citi's LavaFlow subsidiary on Nov. 15 for an undisclosed amount. Ludvik is a 10-year veteran at Citi and was previously head of product management. At FlexTrade, he will also be responsible for new business development. He reports to president and CEO Vijay Kedia.

 


 

John Procopion has been promoted to head transaction services at Citi's Lava Trading. Procopion, who's been at Citi for nearly six years, was previously responsible for Lava's sellside execution services business. That includes its LavaFlow ECN, where he is president; its smart order router, known as ColorBook; and its transaction analytics products. Prior to joining Citi, Procopion spent nearly nine years at INET ATS, where he headed sales and transactions. He replaces Shane Swanson, who joined the firm when Citi purchased market-making firm Automated Trading Desk in 2007. Procopion reports to Dan Keegan, who co-heads Citi's electronic trading division.

 


 

Jay Fraser joins Deutsche Bank as a managing director to head Autobahn's trading and sales effort. Autobahn is the firm's electronic distribution service, connecting the buyside to Deutsche Bank's sales, trading and research analytics. The 19-year veteran most recently led institutional electronic and product development at Citadel and prior to that was head of international sales at agency broker Investment Technology Group. Fraser is based in New York and reports to Jose Marques, global head of equity electronic trading, and Brian Dugan, head of equity execution sales in the Americas.

 


 

Christopher Cappillo has joined BTIG to start a trading desk for broker-dealer clients. Cappillo was previously with Domestic Securities, where he spent four years. During his 28 years on the Street, Cappillo spent 20 of them at firms associated with Spear Leeds & Kellogg, including Goldman Sachs, which purchased Spear Leeds in 2000.

 


 

Terri DeLouisa also joins the desk; she was previously with Domestic Securities, where she spent five years. DeLouisa, also a 28-year veteran, has worked at Knight Securities and Dean Witter.

 


 

Adam Esposito joins ConvergEx Group's as a senior vice president on its global transition management team. Esposito, a 15-year veteran, will focus on developing and customizing client portfolio restructurings. Prior to this, he spent the last 13 years at Goldman Sachs, most recently in that firm's transition management and pension group. He reports to Kal Bassily, managing director and head of global transition management.

 


 

Minder Cheng has been appointed to ITG's board of directors. Cheng served as chief investment officer for index equity and capital markets at BlackRock, which he joined in 2009 as a result of its merger with Barclays Global Investors. During his 10 years at BGI, he was CIO of BGI's equity and capital markets division worldwide. He oversaw active and indexed equities, transition management, securities lending and cash products, as well as the trading of foreign exchange and futures. During his career, Cheng has held positions in research, strategy and proprietary trading at several firms, including Convergence Asset Management in Connecticut, Sumitomo Finance International in London, Salomon Brothers in Tokyo and the New York Stock Exchange. Cheng is currently consulting with several privately held companies.