Jettisoned by their company because of a change in business strategy, a team of market makers has found a new home at Wall Street Access.
Led by veteran sales trader Dana Pascucci, the group of 12 traders, formerly employed by Rodman & Renshaw, will launch a new market making operation for the institutional brokerage.
Rodman & Renshaw ceased operating as a brokerage last month after the broker’s management decided to transform itself into an electronic investment bank and shed its sales and trading operation.
The firm changed its name to Direct Markets Holding Corp. in June, concentrating its efforts on its electronic Direct Markets platform.
Pascucci is now a managing director with Wall Street Access, responsible for institutional sales and trading. The 15-year veteran had the same title at Rodman & Renshaw, joining that firm in 2011 when it bought the over-the-counter market making firm of Hudson Securities.
Joining Wall Street Access with Pascucci are Vincent Pelosi; Dean Esposito, Patrick Clarke, Gregg Bouwmans; Joseph Grieco; Matthew Treacy; Thomas Ajello; James Fradella; Rob Trimble; and Keith Knox.
Wall Street Access has been in business for over 30 years. This is the broker’s first foray into market making. It provides research and also operates an asset management business.
Rodman & Renshaw filed a request with FINRA in mid-September to withdraw from the brokerage business.
