Wall Street Letter VOL. XLV, NO. 29 - Sept. 16, 2013 | Page 4
NEWS
investment decisions when you not sure of the road you are on?” Carter and Selway also noted the lack of centralized regulation to steer brokers through events such as these. Carter stated that even after the markets had come back online FINRA was cancelling orders, some of which were orders he made. “Arbitrarily cancelling trades means that the winners and losers are not selected by the free hand of the markets,” Carter said.
PEOPLE MOVES
Woodbine Associates appoints risk and analytics director
Woodbine Associates has hired Jerry Waldron as a director to head up risk and portfolio analytics. Waldron’s focus will be investment performance, attribution and risk issues commonly seen by brokers, dealers and asset managers. He has a history in risk and investment management across asset classes based on experience from roles at Citibank, Calyon, Bank of Tokyo Mitsubishi, K2 Advisors, the Federal Home Loan Bank of San Francisco, Kiski Alpha Partners and StoneCastle Partners.
a co-founder of RIMES.
SEC vet chosen as San Fran Director
The SEC has hired Jina Choi to step into the role of director of the San Francisco examinations and enforcement in the PaChoi has been with the SEC since 2000, presiding over various investigations in director. She also managed cases in the nationwide Market Abuse Unit.
Citi algos outperform past year’s results
A suite of algos released by Citi last year have nearly doubled the price improvement the bank can offer, according to Kevin Murphy, head of US Option Electronic Execution at Citigroup. In 2012, the marketable orders price improvement capability had been able to improve order prices in equities and futures by 18%, but after refining the product over the course of 2013, price improvement jumped to 28% by August, according to Murphy. “We are less interested in coming out with more complex algos. Instead we are focusing on the execution quality of the existing ones,” said Murphy. KEVIN MURPHY He noted clients head of US Option Electronic Execution were asking for ef- at Citigroup ficiency over complexity in terms of managing orders, driving Citi to refine the offering. “What we’ve heard from customers was that it was not important about how complex an algo is, but rather how effective the execution price is, and the ability to access both displayed and non-displayed liquidity,” said Murphy.
Estimize names quant specialist
Estimize has named Vinesh Jha as a quantitative analyst to lead the quant research gen, CEO, with a focus on gaining insights when analysts forecast, and determining J. Fielding Miller, CEO and co-founder of CAPTRUST. Previously, Graham worked at Clearbrook Investment Consulting as a senior managing director. Bruce Graham has joined CAPTRUST nancial advisor. Graham will focus on midmarket retirement plans, endowments and foundations while overseeing the new
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which was the proprietary quant trading arm of Morgan Stanley.
RIMES promotes head of R&D to director
RIMES, a data management service, has promoted Renaud Larzilliere to director local sales and support fun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