Momtchil Pojarliev
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Some Like It Hedged

BNP Asset Management's Pojarliev discusses a variety of options to address foreign currency exposures. Although there is no single best-practice solution for addressing foreign currency exposures, institutional investors have three main choices, he says.

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June 1, 2011

On the Move

By Staff Reports

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Cowen & Co. made a number of senior hires across the board, in its quantitative trading, electronic products and derivatives groups. Doug Rivelli, previously co-CEO of Pragma Securities, joins as a managing director and co-head of quantitative trading. He co-heads the group with Stuart Gould. Four hires from Newedge join Cowen's newly formed electronic products group. They are managing director Mark Viani, director Jay Knopf, director Robert McHeffey and vice president Jessica Oliveras-Yu. The group is charged with creating and selling various electronic trading platforms and products. In institutional equity options, Cowen has hired John Longo and Jason Megson as managing directors. Longo and Megson were most recently at Oppenheimer & Co., where they were co-heads of equity derivatives sales and trading.




Bill McCarthy joins Algorithmic Trading Management, a buyside and sellside provider of customized trading algorithms, as a director in sales. McCarthy, a 14-year veteran, was previously a senior sales representative for block trading venue Pipeline's institutional equity electronic, block and algorithmic trading products group for almost six years. Prior to that, he worked for four years at agency broker Instinet and was responsible for its sales, trading and client services for all of the broker's equity crossing products.




Joe Crisalli joins Dahlman Rose & Co. as a director on the institutional sales trading desk. Crisalli, who has more than 20 years' experience, was previously with LaBranche Financial Services, where he was a sales trader for nine years. That came after a 15-year stint as an independent floor broker at the New York Stock Exchange. For the last 10 years, Crisalli has been a member of the Wall Street committee for St. Jude Children's Research Hospital.




Allan Heye joins Jefferies & Co. as a managing director in the firm's portfolio sales trading group in London. Heye spent the last 14 years in portfolio trading sales at Credit Suisse as a director. Prior to that, he was co-head of Matif Trading at BZW Paris and head of German-listed derivatives trading at BZW Frankfurt.




Lee Shavel was appointed chief financial officer and executive vice president of corporate strategy at Nasdaq OMX. Shavel joins Nasdaq after spending 18 years with Bank of America Merrill Lynch, where he served as Americas head of financial institutions investment banking. Prior to Bank of America's acquisition of Merrill Lynch, he served as head of finance, securities and technology and global chief operating officer for the financial institutions group at Merrill.

Shavel has advised on many notable securities industry transactions, including the sale of the New York Mercantile Exchange to CME Group, the sale of the International Securities Exchange to Deutsche Börse, the acquisition of BRUT by Nasdaq and the merger of Archipelago and REDIBook. In addition, he has advised on IPOs for Nasdaq, NYMEX, ISE, MF Global, Instinet and Archipelago. Prior to Merrill, Shavel worked at Citicorp as an associate in the financial institutions group. Former Nasdaq CFO David Warren will remain at the exchange and serve as special adviser to chief executive Bob Greifeld.