Brokerage

In this week's On The Move, several changes on the buyside lead the news as well as one prominent exchange official calling it quits. Also, Cowen gets a new head of its international risk and prime unit and the OCC adds a security specialist.

The new division offers full-service trade execution and custody for institutions.

The percentage of high-touch and research-driven trades rose last year, but the Street also felt the pain of a 12 percent drop in commissions, according to a recent Greenwich Associates study of the buyside.

Two former heavyweights of the discount brokerage business will take the helm of the revived market making operation of Bernard L. Madoff Investment Securities.

In a virtual Second Coming, Triad Securities and other brokers seize prime brokerage business from bigger firms.

There was much finger-pointing during the hearing of US equity market structure held by the House Financial Services Committee's Subcommittee on Capital Markets, Securities, and Investments last Tuesday.

In today's On the Move, BTIG hired a bunch of senior hires in its investment banking and capital markets division, while a top JP Morgan banker in its Prime services unit has left the firm. Also, Nomura added to its ranks and Cantor Fitzgerald hired a pair of sales traders.

A sweeping blueprint designed by the U.S. Securities and Exchange Commission to reduce conflicts of interest in the stock market won support from leaders of exchanges and large money managers.

By Parul Chowdhry and Tyler Andringa, Capco

Aim is to provide tailored cross-asset market access solutions for algorithmic and quantitative traders.