Former BofA Merrill Lynch executive James (Jim) Toes was named the next CEO and president of the Security Traders Association due to his extensive trading experience and varied background.
That’s according to STA chairman Joseph Cangemi, who said Toes’ experience during his 25 years in trading made him the most qualified candidate. Toes’ knowledge of both trading technology and market structure, combined with his experience dealing with regulators, were also reasons for his selection, Cangemi said.
"It is his depth of experience that is so critical. We gain all this expertise with Jim at the helm," Cangemi told Traders Magazine.
"For instance, he has been trading positions, as well as management positions. He’s effectively reached the entire breadth of the investment community," said Cangemi, speaking for the STA board and Toes. Cangemi said Toes’ ability to testify before Congress on market structure issues also weighed in his favor.
Toes is a past president of STA’s biggest chapter, the Security Traders Association of New York. He is also a past governor and secretary of STA. Besides that, he has served on various STA market structure committees. His expertise in this area has put him in front of Congress before.
His latest position in the industry was as a senior relationship manager at Broadcort, a clearing division of BofA Merrill Lynch. He spent 17 years at BofA Merrill. His various posts at Merrill Lynch included working with retail, broker-dealer, middle market and institutional clients.
Cangemi said Toes’ appointment to the full-time position came after an extensive five-month vetting process by the board. A special STA committee was appointed to find a successor to longtime STA president and CEO John Giesea.
Giesea served in the CEO/president post for a decade. Toes, a Manhasset, N.Y. resident, takes over March 1. He will direct a Darien, Conn.-based staff that has been replaced over the past year or so.
Cangemi was asked if the STA, which moved from New York City, will stay in Connecticut. "We will consider any place that is best for our members," he said.
The STA has about 27 affiliates and 4,200 members.
