Duncan Niederauer resigned from the New York Stock Exchange months sooner than originally planned, citing progress integrating the market with new owner IntercontinentalExchange Group Inc. Niederauer, 54, a former Goldman Sachs Group Inc. trading executive who became NYSEs CEO in 2007 and guided its sale to ICE last year, surrendered his role overseeing the NYSE and will step down as president of ICE at the end of August, according to a statement today. Thomas Farley, 38, is now solely in charge of the NYSE.
Block trading venue Liquidnet has hired Bob Garrett, formerly Well Fargo Securities trading head, as its new head of technology and as a member of the firm's leadership team. Garrett, a market veteran with more than 23 years of experience in various technology leadership positions, joins from Wells Fargo Securities where he was head of equity trading and prime services technology. Prior to this, he was the chief technology officer of Merlin Securities, which was acquired by Wells Fargo, where he supported all aspects of the business including the platform that supported Merlin's 500+ hedge fund clients. Prior to Merlin Securities, Garrett was the global head of execution services technology at Deutsche Bank where he drove the global build out of the equities electronic trading platform. He has also held roles at Bank of America Securities, Sapient and AT&T. He is based in New York and reports John Kelly, Liquidnet's chief executive.
Block trading firm JonesTrading announced Alan Hill is the firm's new chief executive officer. William "Packy" Jones, the former Chief executive, will now serve as the firm's executive chairman. Hill joined JonesTrading in July 2006 as its chief financial officer. He is charged with responsibility to manage its $50 million private placement and for the firm's continued organic growth in current operations as well as setting the ongoing strategic agenda and initiatives. Prior to JonesTrading, Hill was vice president of finance at Korn/Ferry International where he had day-to-day responsibility over the company's finance, tax and accounting operations across 35 countries, in addition to SEC public financial reporting and Corporate Development roles. He has also served as vice president of finance at Jefferies and senior director of finance at Guidance Solutions, a privately held consulting firm.
Agency-only broker Instinet named two new executives to senior positions. First, Chuck Frederick has been named head of U.S. product sales. In this role, Frederick and his team will work across the sales, product strategy and development groups to help grow the firm's three core electronic trading products -its Newport EMS, Execution Experts algorithmic suite and the Instinet Analytics platform. Previously, he served as global head of algo development in the firm's global trading research group.
Tom Whelan has also been named head of the U.S. institutional and derivatives sales teams. In this role, Whelan and his team will work closely with the product sales and sales trading groups to coordinate the firm's U.S. sales strategy. He has held a variety of senior sales and trading roles over the course of his career at Instinet, most recently leading the New York product sales team.
Buyside-sponsored trading venue IEX has hired Sophia Lee as its general counsel, making her the firm's first senior level executive hire since its inception. Lee, an 18-year veteran, comes from block trading venue Liquidnet, where she was deputy general counsel. She also spent time prior at agency-only broker ITG as associate general counsel and at Paul, Weiss, Rifkind, Wharton & Garrison LLP as a corporate associate. Lee began her Wall Street career as a technology associate at Morgan Stanley. She reports to IEX's chief operator officer John Schwall.
Market consultancy TABB Group promoted Paul Rowady to principal, and also named him head of research for new data & analytics (DnA) IT practice. Rowady, a pro with over 24 years of proprietary trading and capital markets experience, has a background in strategy research, risk management and trading technology, with specific expertise in derivatives, highly automated trading systems and data management initiatives. Rowady joined TABB Group as a senior research analyst in 2009 from Alphacution LLC, which he founded, focusing on design and development for market intelligence and data management systems and where he holds a patent for an automated event-risk research platform.
