Brokerage Knight Capital has named Brendan McCarthy as its new head for the Knight Direct algorithmic trading unit. He replaces Joe Wald, who has left the firm.
McCarthy was promoted to Head of Knight Direct Sales and Trading and Relationship Management and reports to David Lehmann, senior managing director, Head of Electronic Execution Services, according to a Knight Capital spokeswoman Kara Fitzsimmons.
McCarthy had been the business manager and head of relationship management for Knight Direct, and this promotion was a natural next step for him, she added. He will continue to work alongside Ray Ross, who oversees the technology side of Knight Direct.
Wald joined Knight from EdgeTrade when it was acquired by back in late 2007.
Earlier today, Knight Capital said trading in its market making business fell 34.5% in August. It was during August the firm suffered huge trading losses thanks to a software glitch that sent a flood of erroneous orders onto the New York Stock Exchange and other markets in the first 45 minutes of trading. As a result, the firm took in a series of new investors, led by Jefferies & Co., to make up for the $440 million loss it incurred and stay in business.
