Peter Maragos
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Rebate Debate Misses the Mark

Dash Technologies' Peter Maragos weighs in on the market rebate debate - saying there is nothing intrinsically wrong with rebates, per se. However, there is a problem with the brokerage industry’s dominant fee model.

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August 1, 2011

On The Move

By Staff Reports

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  • On The Move

Todd Swearingen joins Nasdaq OMX as a managing director and director of global marketing in the market technology group. A longtime veteran of institutional marketing, Swearingen previously ran media relations at Numerix for two years. Prior to that, he held senior marketing positions at Townsend Analytics, NYSE Euronext, Bloomberg and FISERV over a stretch of 22 years.

Nasdaq OMX named Michel Finzi senior vice president and head of transaction services for U.S. equities. Finzi, a 23-year veteran, was previously with ConvergEx RealTick, where he spent four years as managing director and global head of business development. While there, he headed sales and marketing efforts to buyside, sellside and active trading clients. The job also entailed overseeing product development. He began his career in 1988 at Instinet. At Nasdaq, Finzi will be responsible for strategy, sales and operations for its U.S. equity exchanges, as well as its two options exchanges. He reports to Eric Noll, executive vice president who heads transaction services in the U.S. and U.K.

Cantor Fitzgerald & Co. has hired two arbitrageurs from UBS. Sales trader Jason King joins as a managing director and head of the firm's risk arbitrage and relative value team in New York. A 14-year veteran, King is responsible for expanding the group's client coverage and providing product expertise. King previously ran the event-driven sales and trading group at UBS. That came after a stint at J.P. Morgan, where he launched its risk arb desk. The other UBS alum, 15-year pro Jason Caamano, also joins as a sales trader in New York. Both report to Jarred Kessler, Cantor's global head of equities.

Tom DeFazio was named sales manager at CR Brokerage, the broker-dealer subsidiary of Charles River Development. A 24-year veteran, DeFazio is responsible for selling the firm's buyside block-crossing product, CReX. His territory is the Midwest and Southeast. DeFazio spent the last four years at Aqua Securities selling its U.S. equity crossing system, as well as its non-U.S. equity direct-market-access services. He reports to president Stephen Schardin.

Mizuho Securities USA named Brad Wilson as executive director to run U.S. equity sales trading. Wilson, a 20-year veteran, was previously with Dahlman Rose & Co. Earlier, he spent nine years at Sanford C. Bernstein as a sales trader. His charge is to expand the trading desk and grow the business. Earlier this year, Wilson was appointed chairman of a new membership committee of the Security Traders Association of New York. At Mizuho, he reports to Raymond Velazquez, head of U.S. equities.

Renaissance Capital has added six senior traders to its global cash equities team. Scott Duxbury, a 20-year veteran, joins as head of ADR and Canadian trading in New York. Duxbury is responsible for trading emerging market equity products and ADRs. He reports to Yonatan Gozdanker. Duxbury spent his entire career at Merrill Lynch and was most recently director of equity trading there.