Category Archives: Current Events

Once more into the breach, dear friends, once more…

I know Wall Street’s grapevine is second to none when it comes to job changes and departures, but I’d like to update those who have not heard the news: After a few months at Asset International as the first joint US editor for The TRADE and Global Custodian, I’m back to freelancing.

The role always was an experimental one and not all experiments work out, hence the term.

There are some great people on both publications and I’ll miss working with them daily.

In the meantime, I finally can give this blog the attention that it deserves.

 

Omega Securities Mints New CEO

Sean Debotte has been named president and CEO of Canadian equities and fixed-income alternative trading system (ATS) operator Omega Securities, corporate officials announced today.

Debotte first joined Omega in 2011 as director of business development. He replaces Brian Crew, who departed in October 2012- the same month that Omega began opening its planned Lynx ATS to industry testing.

Officials expect that the new platform will go live on February 3, but are still waiting for the Ontario Securities Commission (OSC) to sign off on the market’s Dynamic Pricing Model that determines a maker/taker rebate for each security based on its previous month’s trading volume.

The new ATS will use the same order entry and market data protocols as the Omega ATS and will not charge market data, subscription or connectivity fees.

The only other difference, say officials, is that Lynx will use broker attribution as a default setting.

Omego Names New Leadership

The post-trade industry utility Omgeo announced a leadership change earlier today with the planned departure of CEO Marianne Brown in the second half of February.

This is the first major management change for the company since the Depository Trust & Clearing Corp. (DTCC) acquired Thomson Reuters’ half of the joint venture in October.

Brown joined Omgeo in 2006 after being the chief executive of the Securities Industry Automation Corp.(SIAC). Industry veteran Paula Suasville Arthus will take on the role of president and CEO of Omgeo and report to Andrew Gray, managing director and head of core business management at DTCC. Prior to her new appointment, Sausville Arthus has been managing director, chief of staff and head of enterprise planning at DTCC

I’ll be curious to see what direction the DTCC plans to take its wholly owned subsidiary now that Omgeo does not have to keep a for-profit parent owner and an industry utility parent owner simultaneously.

Will DTCC let Omgeo maintain some semblance of independence or will it become a DTCC brand, like what happened to financial-intranet provider Radianz when Thomson Reuters sold it to BT in 2005?

SIFMA Annual Meeting Takeaways

According to comments made by US Securities and Exchange Commission (SEC) Chair Mary Jo White during today’s annual SIFMA meeting, the industry should not expect regulatory oversight easing any time soon.

White expects the regulator to continue its use of “aggressive tools” like wire taps and stings to discover evidence of fraud. However, budget restraints will be an ongoing restraint in their use.

When asked about the SAC Capital Advisors settlement, she said that although it happened before she came to the SEC, she believed it was the right. White declined to comment on the current regulatory issues faced by SAC’s Steven Cohen since she might be sitting in judgment of him in the future.

More to come.