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BrokerTec Appoints New Chairmen; Researchsummary Nabs Salomon Exec; MarketAxess Lands TowerGroup's Andy Nybo

BrokerTec Appoints New Chairmen
BrokerTec Global has appointed a new chairman and vice chairman for its BrokerTec Futures Exchange, an all-electronic financial-futures market, and for its Clearing Company.

Dennis Scurletis, managing director in charge of interest-rate sales and fixed-income-futures brokerage at Morgan Stanley & Co., has been named chairman, and Michael Dawley, vice president of global-futures services at Goldman Sachs, has been appointed vice chairman of BrokerTec Futures Exchange.

As for BrokerTec Clearing Company, Frank Perrone, director of operations at Deutsche Bank Futures, has been named chairman and Ronald Filler, senior vice president and director of institutional-futures administration at Lehman Brothers, has been appointed vice chairman.

Hal Hinkle, chief executive officer of BrokerTec Global, had been the chairman of all the BrokerTech entities, including its cash-brokerage business. Now that the cash-brokerage business is in the process of being sold to ICAP plc, Hinkle felt it was time to appoint new chairs for the Futures Exchange and Clearing Company, which were not acquired.

Hank Mlynarski, president of BrokerTec Futures Exchange, notes that, "We always touted BrokerTec as an exchange created by the industry for the industry, so having chairmen who are as seasoned and experienced in the fixed-income world as these guys gives us a great attachment to the industry. It also shows that the industry is fully backing us."

He adds that, "Our goals for the coming year are to strike out independently of the cash platform, gain market share that we have always thought necessary and grow the business."

BrokerTec's average market share is between 2-5 percent.


Researchsummary Nabs Salomon Exec
Researchsummary has hired Desmond Quilty, former global head of production and supervision (equity research) at Salomon Smith Barney, as business-development director.

Quilty will be charged with helping the firm meet the demand for outsourced Research Information Exchange Mark-Up Language investment research, which it provides to firms.

London-based Researchsummary provides consultancy and software services based on the RIXML investment-research language for buy- and sell-side institutions.

Quilty notes that, "Time and time again, whether at Salomon Smith Barney or UBS, I was greeted with the request for better ways to look at information, to find information that fund managers needed."

While he worked at UBS, he was asked to improve the system but, he notes, "At that time the technology infrastructure and bandwidth was not available. The solutions would have been too expensive. When RIXML started to be put together, there was a chance to make significant improvements."

In his new role, he plans to talk with fund managers and the sell side to implement the RIXML function. He also notes that he hopes to "take matters further and break new ground with enhanced specifications and multimedia." He began his post on Oct. 1 and reports to Chief Executive Officer John Thorne.


MarketAxess Lands TowerGroup's Andy Nybo
Andy Nybo, formerly senior analyst at TowerGroup, has joined the management team of MarketAxess, the multi-dealer trading platform for credit products, as head of marketing and communications. Nybo brings 18 years of experience researching and reporting on the fixed-income markets. Prior to joining TowerGroup, he ran the research department at the Bond Market Association.

Nybo joined MarketAxess for the opportunity to help it develop its branding and promote its capabilities, he says. "It was an opportunity and a challenge - something I wanted to do, and a change from technology research," he adds. He would not get specific about how the opportunity to work for MarketAxess arose.

Nybo began his post in late September and will report to Rick McVey, MarketAxess chief executive officer. His goals, he notes, are to help brand the MarketAxess name, promote MarketAxess as a leading platform for credit products and promote some of the platform's new initiatives, such as data service based on NASD's real-time Trade Reporting and Compliance Engine (TRACE).

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