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Thursday, May 15, 2025
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Deutsche Bank’s Jose Marques Discusses …

By
Editorial Staff
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Jose Marques is a managing director and global head of electronic equity trading at Deutsche Bank. Recently, he spoke with Traders Magazine about changes to the markets in 2010, reports on how buyside orders are handled and how this year’s volumes will shape up.

He spoke about transparency for dark liquidity; changing technology in the markets; on 2010 being a seminal year for electronic trading; and on the buyside having more information about its orders.


On transparency for dark liquidity

We’d be very supportive of post-trade transparency around dark liquidity on a weekly or monthly reporting schedule. Listing publicly where liquidity resides is useful and healthy for the marketplace. Reporting schedules are one of the regulatory issues that consistently bubble up. We’d live with end-of-day transparency, if that’s where the consensus falls. However, for low- to mid-cap names, one-day reporting is fairly problematic. It’s nearly impossible to complete an institutional-size order in something small like "Fred’s Taco Stand" in just one day. Disclosing where the ax is can potentially create excess impact and information leakage. It’s not about hiding; it’s about making the choices that are contributing the least to market dislocation.

On changing technology in the markets

I think as an industry we obsess about high-frequency trading and possibly end up missing the real issue-that our markets have permanently and irrevocably changed. Automation has come to our markets, no differently than with the automobile industry. Ford is unlikely to revert to a human driven assembly line. Robotics has taken over the riveting in automobile construction. Every industry in our economy has been profoundly and positively affected by automation. Similarly, automated trading strategies are here to stay.

Electronic trading tools-once, an anomaly on the buyside desk-are now the norm and a permanent part of the landscape. What’s really happened is that small, nimble proprietary shops were early adopters of modern trading technology. They turned out to be a displaceable force in our markets and have permanently altered the old specialist model. Automated liquidity providers now do everything that the specialists and market makers did in yesteryear and do it better, faster, more cheaply and with fewer errors and a better audit trail. What we’re seeing now is that the rest of the marketplace is starting to use the same tools.

The buyside has begun migrating to these tools and accepts the reality that a technological revolution doesn’t go into reverse. And a point that we’re not stressing enough is how the market impact and subsequently the costs of trading for both institutional and retail orders have fallen sharply due to the resultant market structure evolution.

On how 2010 has been a seminal year for electronic trading

Electronic trading could be viewed as a fast car that needs an experienced driver, rather than a newly licensed adolescent. The adolescent has the potential to do all kinds of destructive things with the fast car, and one day he runs into a telephone pole. For the stock market, that was May 6. The market always knew that one day it would have to get it together. So now exchanges have pre-trade risk checks, collar prices and enforce circuit breakers.

These are things we should’ve had all the time, but didn’t. We’re very happy to see that exchanges are working together to deliver their regulatory obligations for providing fair and orderly markets. While the details around circuit breakers and price collars may be adjusted and tweaked in the future, at least the basics for preventing another May 6 are in place.

On the buyside having more information about its orders

The most sophisticated on the buyside have definitely asked for more transparency into where, how and why their orders are being routed. An interesting dynamic is, you’ll have folks who have a negative outcome at one venue after executing 1,000 orders with excellent outcomes. They’ll forget the 1,000 good trades and focus on the outlier. They’ll call us and ask us to never send another order to that venue.

Over the course of a few months, the pattern repeats, and pretty soon implementation costs start to climb. It’s incumbent on us to prevent this. We make sure clients don’t block themselves from a significant percentage of the market’s liquidity. We help them maximize access to liquidity and protect them as they do so. We know when to go to aggressive venues and to less-aggressive venues to optimize the trade-off between market impact and liquidity.

Equity Trading Veterans Create New Wholesaling Firm

By
Editorial Staff
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There’s a new kid on the wholesale block.

Global Liquidity Partners, a small broker-dealer with operations in Chicago and New York, recently entered the business of servicing retail brokers with market making.

The firm was put together by industry veterans and has built a new trading system to support its activities, which will extend to the handling of institutional orders as well.

The firm sees opportunity. "There’s room for better execution capability," Kevin Close, GLP’s chief operating officer, said. "We intend to provide execution quality tailored to the clients’ parameters, whether that’s price improvement, quantity improvement, time of execution and so on."

Close joined the firm from the now defunct middleware vendor Selero, along with Michael Wojcik, who was responsible for marketing a market making system to exchange specialists.

Tim Lang, previously in charge of internalized trading at Swiss American Securities, a unit of Credit Suisse, is GLP’s chief executive. Lang runs trading while Close oversees technology and operations. At Swiss American, Lang’s group made markets in 3,000 securities, handling order flow from customers and other broker-dealers. Swiss American was a Selero client.

Also on board is Dr. Mark Gimple, an early proponent of electronic trading at agency brokerage Reynders Gray, and Christopher Taylor, who ran a large trading operation at Deutsche Bank.

Close bills GLP as a "highly automated algorithm-driven market maker." The firm is owned by a group of investors with ties to Belzberg Technologies, and also clears through Belzberg’s EBS subsidiary. The firm is a member of the Chicago Board Options Exchange and stock exchange unit through which it makes its markets. The firm is also a member of the Securities Investor Protection Corporation, a requirement for broker-dealers that handle customer orders.

The wholesaling business is dominated by five firms: Knight Capital Group, UBS, ATD/Citi, E*Trade Financial and Citadel. That hasn’t stopped others from jumping in. Surge Trading, which launched in 2009 after purchasing the assets of Bernard L. Madoff Investment Securities, has been making inroads. It counts Raymond James, Crowell Weedon and Legent Clearing among its customers, according to the public routing reports of those companies.

At least one order-sending firm says there’s room for newcomers, but notes the bigger players still have an advantage.

"It’s to our advantage for there not to be too much consolidation," Patrick Fay, director of equity trading at Great Falls, Mont.-based D.A. Davidson & Co., said. "For reasons such as the Madoff situation where a lot of orders didn’t get executed when the firm blew up." Fay tries to ensure than no more than 25 percent of his flow goes to any one firm, he said.

Still, Fay notes, he has to go where the liquidity is. "There are probably two or three providers that have the best liquidity and best prices," he said. "The larger shops have access to much of the liquidity."

 

 

New Exam for Traders on the Way

By
Editorial Staff
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It’s back to school for traders.

The nation’s exchanges are devising a new test for proprietary traders and market makers that will focus on trading-specific topics. The Series 56 exam, as it will be called, is currently being formulated. The exchanges are expected to have their proposal ready by June. The test is expected to be available in September.

"The test will capture all of the generic types of questions that any equities or options trader should know," Alan Grigoletto, a BOX Options Exchange senior vice president in charge of business development and marketing, told Traders Magazine. "If you don’t know this, you should not be in control of sending orders to an exchange."

Grigoletto is on the inter-exchange committee hashing out the questions for the exam. Besides BOX, the other exchange operators in the group are the Chicago Board Options Exchange, NYSE Arca, NYSE Amex, Nasdaq OMX Group, National Stock Exchange, Direct Edge, and the International Securities Exchange.

Typically, market makers and prop traders are required to take either the Series 7 exam and/or one of the house exams devised by the exchanges. Examples of those are Nasdaq’s Series 55 exam, NYSE Amex’s Series 48 exam and NYSE Arca’s Series 44 exam.

The new test will likely supersede the house exams. Still some exchanges may still require new traders to take an orientation test to ensure they understand the vagaries of the exchange’s rules.

The new Series 56 is expected to contrast sharply with the Series 7, a lengthy test covering a wide array of brokerage topics. Most of the content in the Series 7, its detractors contend, is irrelevant to the world of trading, as it takes into such matters as municipal bond trading and opening customer accounts. The Series 7 is primarily geared towards retail stock brokers.

Still, many traders are required to take it to gain employment. At issue, is whether those prop traders and market makers who are Series 7 accredited can waive the new Series 56. The issue has not been settled, but Grigoletto and officials at CBOE say a waiver for the Series 7 is a good possibility.

Going forward, however, new traders are likely to be required to take the new Series 56 exam.

It is also not clear as to whether the test will be required of market makers as well as prop traders. The test is also known as the Proprietary Traders Exam, but "it’s more than likely market makers will have to take this exam, unless they have the Series 7," Grigoletto said.

The process to bring the exam into existence started in 2009. The SEC discovered some exchanges were not registering proprietary traders and market makers, or those broker-dealer employees not dealing with customers. It directed the CBOE and ISE, for example, to plug the gaps. The two exchanges set about creating tests in order to do so. The CBOE then caucused with officials at the other exchanges and drove the Series 56 initiative.

"The SEC has an interest in harmonizing registration requirements across all exchanges," a CBOE official said. "The idea is to make sure that anyone who is principally involved in the securities business and actively participating on a national market is registered and has a certain qualification. It’s a good goal."

Specifically, the test will cover such topics as concentration monitoring; closing out errors; Regulation SHO; expiring exercise declarations; and exercise limits.

The Series 56, like most of the major industry tests, will be administered by the Financial Industry Regulatory Authority. The length of the test and the number of questions are not known, but many FINRA-administered tests take about three hours to complete and include about 100 questions. The Series 7, by contrast, includes 250 questions and takes a total six hours to finish.

Executives who spoke to Traders Magazine regarding the Series 56 were supportive of the test, although they believe a waiver is necessary for those traders who have passed the Series 7.

"This is a fine idea," said Danon Robinson, the founding partner of Toro Trading, a derivatives market making and prop trading firm. "If you’re going to be a professional stockbroker, you take the Series 7. If you’re going to be a professional trader, then it’s not a bad idea to take an exam to make sure you are at least familiar with the rules."

Robinson notes it was easier to police traders when they operated on exchange floors and wore a badge. But now so many are trading "upstairs" that "theoretically anybody could be trading."

All of Robinson’s traders have passed the Series 7 exam, he said. "I would prefer my traders take this test," he added. "It’s more relevant." Still, Robinson believes there should be a waiver for those traders with a Series 7 license.

Micah Glick, the chief compliance officer for Cutler Group, a San Francisco-based derivatives market maker, echoes Robinson.

"It’s a great idea," Glick said. "Most of the content of the Series 7 doesn’t apply to traders. That breeds resentment. But if you take a test where 100 percent of the material applies to trading, people might complain a little, but they will respect the regulators for the direction they are taking."

Goldman Algo Seeks Blocks in Dark Pools

By
Editorial Staff
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Goldman Sachs Electronic Trading’s new algorithm, BlockStrike, aims to help clients trade in block size in today’s fragmented marketplace. 

BlockStrike places orders into dark pools seeking blocks while executing trades using Participate, volume-weighted average price and time-weighted average price strategies, said Greg Tusar, managing director and co-head of GSET. In conjunction with GSET’s Sonar and Sonar Dark algorithms, BlockStrike will convert dark orders into block-only dark orders. The product was officially released Feb. 1.

“In the past, traders had to decide whether to commit their order to an algorithm or try to negotiate a block in a dark pool,” Tusar said. “With BlockStrike, our clients now have the ability to accomplish both simultaneously-and all they have to do is to check a box.”

Otherwise, the buyside historically could also go through a high-touch block-trading house to find a natural or they could ask a broker for capital. Now they can do both, as BlockStrike allows users rest an order in a dark pool, while also shopping it around through “contingent orders.”

The algo works by breaking down the initial order down into smaller “contingent orders” that go to the dark pools. Contingent orders are semi-binding orders that signal a willingness to execute a trade, Tusar said. This is in contrast to indications of interest, which are non-binding messages inquiring if liquidity exists and not a commitment to complete a trade. 

GSET defines a block as having a trade size of 10,000 shares or more or having a notional amount of at least $200,000. BlockStrike users can trade in blocks larger than 10,000 shares or $200,000 simply by changing the algo’s parameters.

Tusar said the algo chooses the dark pool where the order is placed based on its history of fill rates. Then orders are placed into the dark pools at the same time.

Currently, BlockStrike sources liquidity from Goldman Sachs’ own dark pool SigmaX and BIDS Trading, as they support the contingency order type. BlockStrike could be available in more trading dark pools in the future, Tusar said.

“We’re trying to greatly increase the number of block trades we can electronically source for clients,” Tusar said. 

BlockStrike is fully integrated with the firm’s REDIPlus execution management system and through other third-party systems such as Eze Castle, ITG, Bloomberg, Portware and RealTick. 

NYSE’s OTS Passing Into History

By
Editorial Staff
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NYSE Euronext’s Order Tracking System is fading away.

Beginning in July, when the Financial Industry Regulatory Authority will begin migrating broker reporting of NYSE-listed trades to its Order Audit Trail System, the NYSE will decommission OTS.

The OTS and other surveillance procedures were mandated by the Securities and Exchange Commission in 1999 in the wake of a floor trading scandal. The SEC decided NYSE’s surveillance of its floor brokers wasn’t up to snuff and directed the exchange to establish an electronic order and trade reporting system.

OTS went live in 2003. Its rules require traders to keep records of order data in electronic format and submit them via OTS when asked. The rules apply to trades in securities listed on NYSE Classic, NYSE Amex and NYSE Arca.

With the takeover by FINRA of NYSE Regulation’s surveillance duties last year, FINRA’s plan has been to consolidate all reporting onto OATS.

That process begins on July 11, continues on July 18 and ends on July 25. Securities will be phased in by symbol. Once the phase-in is complete, broker-dealers will be reporting all trades in National Market Systems securities and well as over-the-counter names to OATS.

OATS plays a similar role as OTS, and like OTS was borne of a trading scandal on the Nasdaq side of the market in the mid-1990s. The rules surrounding OATS are significantly more onerous, however, and failures to comply have resulted in a steady stream of fines accruing to FINRA. 

 FINRA’s OATS rules requires traders to update daily, while the NYSE only requires traders to transmit order information to OTS when it asks for it. Even then, traders have 10 days to comply. The data requested by both systems is largely the same. 

The changeover is likely to have the biggest impact only on those NYSE floor brokers that don’t trade Nasdaq or OTC securities. They have only had to deal with OTS, a system they claim is more “intuitive,” according to sources. An NYSE spokesperson said the exchange is retrofitting its in-house order management systems to accommodate OATS reporting.

For all others, the switch is likely to be a non-event. “Right now on our internal OATS program, we just exclude listed trades,” said Dave Sobel, executive vice president of compliance and in-house counsel at Abel/Noser. “So we’ll just take away the exclusion. It’ll start reporting everything. For us it saves an extra step.”
     

Traders On The Move

By
Editorial Staff
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Lou Orlando and Mark Neenan join MKM Partners as sales traders and executive directors. Orlando, a 30-year veteran, joins from The Benchmark Co. and covers accounts from the firm’s Boston office. Neenan, a 27-year veteran, joins from Stifel Nicolaus, where he spent 13 years. Jordan White also joins as an executive director in event-driven sales and trading. White, an 18-year veteran, has worked at Jefferies & Co. and Morgan Stanley in a similar role. All report to Jonathan Carr, who heads sales trading.

 

 

Tim Casey joins Cabrera Capital Markets as a vice president and senior sales trader. Casey, a 20-year veteran, has spent most of his career in sales trading, except for three years on the buyside at Standish, Ayer & Wood. He was previously at Navpoint, where he spent three years. Casey, a past president of the Boston Security Traders Association, reports to George Dychton, who heads Cabrera’s equity sales. 

 

 

Anthony Barchetto has been promoted to head corporate strategy at Liquidnet Holdings, Inc., and now oversees strategic initiatives and new business development for the firm. He also joins Liquidnet’s leadership team. Barchetto, who came to Liquidnet in 2006, was previously the firm’s chief operating officer of U.S. equities and was responsible for strategic planning and operations. He also worked as product manager for Liquidnet’s core trading application and worked within the corporate strategy group before being promoted to head the department. Earlier in his career, he worked at Citi for Lava Trading and at Knight Trading Group.

 

 

Dan Gordon joins Rafferty Capital Markets as a senior sales trader. Gordon, a 13-year veteran, will focus on growing the firm’s institutional equity sales and trading desk through special situation and agricultural operations research. He spent his previous two years at Murphy & Durieu after spending eight years as a director in UBS’s broker-dealer sales group. He reports to Shawn Weadock, head of over-the-counter trading.

 

 

Eze Castle Integration hired two senior technologists from hedge funds for its San Francisco office. Michael Hartig and Zachary Lehman join to expand its West Coast business. Hartig joined as regional service director. He most recently served as the chief technology officer at Seasons Capital Management. Lehman joins as technology director. He will guide technology initiatives at Eze Castle for West Coast clients. A 13-year veteran, Lehman most recently worked at alternative investment adviser Varde Partners, where he served as director of technology.

If you’ve gotten a new job or promotion, let us know at onthemove@sourcemedia.com

Georgia Securities Association

By
Editorial Staff
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OptionsXpress’ Peter Bottini Discusses …

By
Editorial Staff
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Peter Bottini is an executive vice president of trading and customer service at OptionsXpress, a retail brokerage that caters to active traders. He recently spoke at the annual conference put on by the Chicago chapter of the Security Traders Association.

 

On retail trading of the SPX at C2
If you take the quotes in the SPX today and you tighten them by 60 percent or 70 percent, you will see a wider adoption by retail investors. You will probably see a movement away from products like the MNX and Russell into SPX and perhaps SPDRs. If the fees are at the current level, we probably would be passing those fees back to customers as a way to make sure that CBOE charges us slightly less than 60 cents per contract to execute a trade.

 

On market maker trading of the SPX at C2
You will see a lot of market-maker-to-market-maker trades as the dealers lay off risk. If Citadel puts up a big trade in the SPDRS and Timber Hill puts up a big trade at a different exchange in the DIAMONDS. And they look at their exposure. And they want to hedge. And they look at SPX and they see a 10-cent wide market, they will go to SPX. And that’s where they will do their hedging. They don’t mind trading market-maker-to-market-maker. 

 

On penny increments
In 2007 and 2008, we met several times with the SEC both as a firm and also with some of the industry groups. We sat around the table and compared our market structure with that of equities. We told the SEC they shouldn’t push us down the path of the equities market because there would be crisis of liquidity and transparency. The rep from SEC disagreed with the members sitting around table, even though we represented about 95 percent of industry volume. So now we’re down the path of the equity model. It’s harder as a retail firm. It’s more expensive.

 

On the impact of high-frequency traders on retail
If the toxicity in the marketplace is at a level where market makers are interacting less with uninformed flow and more knowledgeable flow, the quality of the markets will decrease. Our options customers make their trading decisions based on what they see on the screen. We need consistently tight quotes. We need size on those quotes. We also need to quote not just the at-the-money SPDRs, but options across the array of months and strikes.

 

On the impact of high-frequency traders on market makers
It makes absolutely no sense for you to be a market maker unless you have a routing business. It is not economical to just go out and quote options.

 

On creeping internalization
The cat’s out of the bag. While I would like us to not move to a full equity internalization model, I spend most of my time considering that that will happen. And how do I keep my customers filled at the NBBO for anywhere from an 8-lot to a 100-lot order? And how do I make sure that they see at least a 5-cent market on our screen? If we do move to the equity model and the new pricing structures become more common place, liquidity on our servers will be significantly better than liquidity on exchanges.
 

 

Traders On The Move

By
Editorial Staff
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Edward Boyle joins global market maker GETCO to focus on relationships with exchanges and trading platforms and to develop business strategies. Boyle, a 28-year veteran, previously ran NYSE Euronext’s options businesses. There, he was director of U.S. options exchanges and was responsible for strategic development, market structure initiatives and the technology platform of the NYSE Arca Options exchange.  Prior to joining NYSE Euronext in 2007, he was a vice president and director of business development, equity derivatives, at TD Securities.  Before that, Boyle was a managing director of business development for LETCO Trading Companies.

 

 

Hudson Securities hired three industry veterans with extensive institutional relationships in Boston to open an office there. Hudson hired sales traders Edward A. Salmon, Sean P. Silvia, as well as research salesman Donald G. Scammell III. All three have more than 25 years of experience. Salmon and Silvia join Hudson from Jefferies & Co., where they served as senior vice presidents in equity sales and trading. Scammell was previously a managing director at Raymond James Financial, where his responsibilities included developing institutional relationships in the Boston region. 

 

 

The Security Traders Association promoted Joscelyn Wippern to vice president. In this role, she oversees marketing strategy for the association, heads its marketing committee and manages support for all existing STA committees. Wippern also runs STA’s office management, including infrastructure and variable labor. She has filled several staff and operating positions for the association. Prior to the STA, Wippern served in marketing positions at ConvergEx Group and at the commercial real estate firm CB Richard Ellis. She is based in Darien, Conn.

 

 

Matt Richter joins MKM Partners in Austin, Texas, as an executive director and sales trader. Richter, a 13-year veteran, was previously with Westlake Securities, where he spent two years covering accounts. He began as a market maker and worked at Stifel Nicolaus and Hanifen, Imhoff early in his career.

 

 

Eze Castle Integration hired two senior technologists from hedge funds for its San Francisco office. Michael Hartig and Zachary Lehman join to expand its West Coast business. Hartig joined as regional service director. He most recently served as the chief technology officer at Seasons Capital Management. Lehman joins as technology director. He will guide technology initiatives at Eze Castle for West Coast clients. A 13-year veteran, Lehman most recently worked at alternative investment adviser Varde Partners, where he served as director of technology.

 

 

Daniel Connell joins financial industry data vendor Correlix as chief executive officer. He’ll lead the firm’s global growth from his office in New York. Most recently, Connell served as executive in residence at private equity firm Spire Capital Partners. For more than 10 years prior to that, Connell served as executive managing director in the information services division at Standard & Poor’s. As part of that role, he also was chief executive of ComStock, a provider of global market data. Correlix, which has its headquarters in New York, develops latency measurement technology.

If you’ve gotten a new job or promotion, let us know at onthemove@sourcemedia.com

People On the Move

By
Editorial Staff
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Rob Hegarty joins Thomson Reuters as global head of market structure for the enterprise business. Hegarty, a 25-year veteran, will oversee the expansion of Thomson Reuters’ content and services worldwide, including Elektron, the vendor’s global ultra high-speed network for the financial markets. He reports to chief technology officer David Kelly.
Hegarty joins Thomson Reuters from the Depository Trust and Clearing Corp., where he ran its strategy, planning and marketing for nearly two years. Prior to DTCC, Hegarty spent 10 years at research consultancy TowerGroup, where he served as managing director of securities, investments and insurance. Before that, he held senior positions with Putnam Investments and Fidelity Investments in Boston, developing and maintaining trading systems.

 

 

Dan Weingarten joins agency broker Investment Technology Group as a managing director. He will work with broker-dealers, primarily to introduce retail order flow into ITG’s matching engine, POSIT. The 13-year veteran comes from Penson Financial, where he was co-director of global sales and marketing. Prior to Penson, Weingarten was co-head of sellside transaction sales at NYFIX until 2007 and worked in sales and trading at Island ECN and Credit Suisse. He reports to Hitesh Mittal.

 

 

Cyrus Pirasteh joins Wedbush Securities as the new head of equity trading, technology and operations. Pirasteh was previously at Goldman Sachs as head of U.S. Index volatility trading, and later co-headed equity derivatives trading for Goldman in Japan.

 

 

Giles Castle joined agency brokerage MPS Global Securities as head of electronic trading sales. Castle was previously a senior vice president in the institutional equity product department at MF Global.

 

 

Peter Greene was promoted to managing partner at Fusion Analytics, a research and trading firm based in New York. Greene, a 25-year veteran, oversees all trading and operations, plus the New York office. Greene, a longtime market maker and trader at Fidelity Capital Markets and MKM Partners, respectively, has been at Fusion for four years. He reports to Craig Dougherty, the firm’s chief operating officer. Fusion Analytics has eight sales traders in New York, Dallas and Coral Springs, Fla.

 

 

Wunderlich Securities moved to a new office in Boston, at 260 Franklin St. The research and trading firm has five sales traders and two market makers in New York, Boston, Baltimore, Denver and St. Louis.

 

 

Brad Acker joins RBC Capital Markets as vice president in sales for the U.S. electronic trading group. Acker, a seven-year veteran, was previously with Rafferty Capital Markets, where he spent two years in equity sales and trading. Acker also worked at Bear Stearns for four years. He reports to Brian Suth, head of U.S. electronic trading sales.

 

 

Mike Plunkett joins the board of directors at Firm58, a provider of financial management software for brokerage firms. Plunkett, with more than 25 years’ experience, was president of Instinet North America from 2002 until 2008. Earlier in his career, Plunkett was co-head of trading at Instinet subsidiary Lynch, Jones & Ryan. The rest of the five-person board consists of Jim Moran, partner at North Bridge Venture Partners; Adam Koopersmith, partner at New World Ventures; Firm58 CEO Nick Fera; and Firm58 co-founder Sam Mele.

 

 

Suzanne Raiola Antolini joins Dahlman Rose & Co. as a director and sales trader. Antolini was previously a sales trader at BTIG, where she spent six years. She reports to firm president Ernest J. Dahlman III.

 

 

Barclays Capital named Bill White head of equities electronic trading, a new position in New York. White previously ran BarCap’s designated-market-maker business at NYSE Euronext. He will oversee the development and sales of new products and client services in the U.S., Europe and Asia, drawing on his experience building and running options trading platforms, market making and structured products. He reports to both head of equities trading Joseph Corcoran and head of equities distribution Richard Cunningham.

 

 

The Security Traders Association promoted Joscelyn Wippern to vice president. In this role, she oversees marketing strategy for the association, heads its marketing committee and manages support for all existing STA committees. Wippern also runs STA’s office management, including infrastructure and variable labor. She has filled several staff and operating positions for the association. Prior to the STA, Wippern previously held a marketing position at ConvergEx Group.

 

 

Daniel Connell joins financial industry data vendor Correlix as chief executive officer. He’ll lead the firm’s global growth from his office in New York. Most recently, Connell served as executive in residence at private equity firm Spire Capital Partners. For more than 10 years prior to that, Connell served as executive managing director in the information services division at Standard & Poor’s. As part of that role, he also was chief executive of ComStock, a provider of global market data. Correlix, which has its headquarters in New York, develops latency measurement technology.

 

 

Bryan Harkins was promoted to chief operating officer at Direct Edge. Previously, he was head of sales and strategy. A 12-year veteran, Harkins replaces Bill Karsh, who left the firm at the end of 2010. In his new role, Harkins will be responsible for helping direct all operational affairs at Direct Edge.

 

 

Matt Richter joins MKM Partners in Austin, Texas, as an executive director and sales trader. Richter, a 13-year veteran, was previously with Westlake Securities, where he spent two years covering accounts. He began as a market maker and worked at Stifel Nicolaus and Hanifen, Imhoff early in his career.

 

 

Edward Boyle joins global market maker GETCO to focus on relationships with exchanges and trading platforms and to develop business strategies. Boyle, a 28-year veteran, previously ran NYSE Euronext’s options businesses. There, he was director of U.S. options exchanges, responsible for strategic development, market structure initiatives and the technology platform of the NYSE Arca Options exchange. Prior to joining NYSE Euronext in 2007, he was a vice president and director of business development, equity derivatives, at TD Securities.

 

 

Hudson Securities hired three industry veterans with extensive institutional relationships in Boston to open an office there. Hudson hired sales traders Edward A. Salmon, Sean P. Silvia, as well as research salesman Donald G. Scammell III. All three have more than 25 years of experience. Salmon and Silvia join Hudson from Jefferies & Co., where they served as senior vice presidents in equity sales and trading. Scammell was previously a managing director at Raymond James Financial.

 

(c) 2011 Traders Magazine and SourceMedia, Inc. All Rights Reserved.

http://www.tradersmagazine.com http://www.sourcemedia.com/

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