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Editorial Staff
After a career of 35 years in the options industry, David Krell was recognized for helping transform the industry that raised him. Krell, former CEO of the International Securities Exchange and co-founder, with Gary Katz, of the exchange that helped force the options industry to embrace multiple listings and electronic trading, received the Joseph Sullivan Award from the Options Industry Council in Las Vegas last month. In his acceptance of the award, he said of the ISE, "We created intermarket competition."
People On The Move
Editorial Staff
Robert Arancio takes the reins as president of the Security Traders of New York (STANY). Arancio, head of trading at Neuberger Berman, replaced Stephen Kay, Knight Capital Group, as STANY's leader.
A sellside trader at Lehman Brothers for most of his career, Arancio was featured in a Traders Magazine story last month in which he discussed a number of topics, including STANY's priorities during his tenure, as well as the evolution of trading and his move to the buyside last year.
On The Move
Editorial Staff
Noreddine Sebti, global head of equity trading at Deutsche Bank, is moving from New York to Hong Kong. There he will assume regional responsibility for the equities business in Asia. Sebti will keep his current title and continue to report to Yassine Bouhara, Deutsche Bank's global head of equities. "Locating a global business head in Asia clearly demonstrates the changing polarity of global equity markets and the growing importance of the region," Bouhara said in a statement. Sebti joined Deutsche Bank in 1998 and has held several senior roles in London and New York. He is a former derivatives trader.
On The Move
Editorial Staff
Michael Mangiafico joined Credit Suisse as a salesman for the firm's AES group. Mangiafico, previously a salesman at OMS vendor LatentZero, reports to Rupert Fennelly, who oversees AES sales in the Northeast.
Bravo, Bravo for High Touch
James Ramage
At a time when electronic trading has developed deep roots, Michael Crockett of Brazos Capital Management still favors picking up the phone and talking to his brokers.
And as the Dallas-based firm takes mostly a hands-on approach to trading growth stocks in the mid-, small- and micro-cap areas, that means Crockett works the phone quite a bit.
No Heroes in "King of Club"
Gregory Bresiger
King of the Club:
Richard Grasso and the Survival of the New York Stock Exchange
Old Dogs, New Tricks: Ray Tierney
Michael Scotti
During his 16 months as global head of equity trading at Morgan Stanley Investment Management, Ray Tierney has instituted a number of initiatives-all in the name of increasing access to liquidity and driving down trading costs.
Old Dogs, New Tricks: Keith Gertsen
Michael Scotti
There's good reason why Keith Gertsen, global head of trading at AllianceBernstein, sounds like a risk trader when he talks about the business. He used to be one.
On The Move
Editorial Staff
Manny Santayana, a managing director who had been heading sales in the Americas for Credit Suisse's Advanced Execution Services product, has been promoted. Santayana now heads global sales for AES.
On The Move
Editorial Staff
Christine Sandler joined NYSE Euronext as senior vice president, North American sales. Sandler will be responsible for all aspects of the company's sales and marketing efforts to buyside and sellside customers. She will oversee client relationships, manage the sales team, plan and execute marketing activities, and lead cross-selling activities for the company's full suite of equities, fixed income, derivatives and market information products throughout North America. Sandler will report to Larry Leibowitz, executive vice president and chief operating officer, U.S. products.
Sandler joins NYSE Euronext from BLOCKalert, a joint venture between Merrill Lynch and Investment Technology Group, where she led sales efforts for its block-trading indications system. Prior to joining BLOCKalert, Sandler was a managing director and head of U.S. electronic sales for Merrill Lynch. In this position, she led active cross-selling initiatives and was responsible for marketing global electronic products to U.S. institutional clients. Before joining Merrill Lynch, Sandler was head of sales at Wave Securities.
New Desk, Familiar World
James Ramage
When Mark Schlarbaum became Global Capital Management's sole trader in April, he knew some things about his job would be different. "You can get a cup of coffee," he says. "And if you have to go out to lunch, you can."
But he knew a lot of what he'd be doing for Global Capital would be familiar-and that's trading small-cap stocks, his specialty. Schlarbaum had spent most of his career doing that at investment giant T. Rowe Price, sometimes handling 50 orders a day and constantly interacting with a platoon of portfolio managers and analysts. His days at Global Capital, in Conshohocken, Pa., aren't as hectic-he could find as few as five orders on his desk on a given day. But he still has clients and analysts who demand his A-game.
2007 Review: One Regulator's Surprising Attack on Soft Dollars
Gregory Bresiger
Securities and Exchange Commission Chairman Christopher Cox surprised many in the securities industry when he suddenly called for the abolition of soft dollars. In a speech in May, Cox said soft dollars "offer perverse incentives to investment advisers to use them in ways that aren't beneficial to investors."
Cox also suggested that soft dollars lead to higher brokerage costs and "may operate to impede the further development of efficient markets." Cox called on Congress to pass a bill to kill Section 28(e) of the Securities Act, which justifies the use of soft dollars. The use of soft dollars results in investors paying more for trades in exchange for access to research.
Niederauer Gets Nod at NYSE Euronext
Michael Scotti
Can electronic trading veteran Duncan Niederauer step in to replace John Thain as CEO of NYSE Euronext without missing a beat? Industry execs emphatically say yes. The pragmatic Niederauer, they say, will have no problem filling the shoes of Thain, who left to head Merrill Lynch last month. Niederauer joined NYSE Euronext as co-president in April from Goldman Sachs, where he spent 22 years.
"This guy's a pro," commented the head of trading at a large brokerage firm. "Duncan is strategically savvy and smart." Sources describe Niederauer as competitive, energetic, direct, hard-driving and client-focused. He's not afraid to take on new projects, said another trading veteran.
On The Move
Editorial Staff
Frederic Krieger joined NYSE Regulation to lead a new risk group, charged with identifying, tracking and addressing key external market and industry trading developments that require regulatory responses, as well as internal areas of risk. Krieger will report to Robert Marchman, executive vice president, enforcement and risk division. Krieger was most recently managing director of Riverview Capital Holdings, a private investment firm based in New Jersey. Krieger has also held compliance jobs at Citi and Charles Schwab.
Traders Dig Deep and Reach Out
Hillary Jackson
Sure, traders can sometimes be loud-even pushy and impatient. Working in a competitive environment at breakneck speed will do that. But despite the quest to make money in a tough business, there's a softer side to traders and trading. It's easy to forget the many traders who devote countless hours to raising money for philanthropic activity.
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