ConvergEx Group reported that Joseph Cangemi, co-head of equity sales and execution for the firm’s global electronic business, has been appointed chairman of the Securities Traders Association (STA). Mr. Cangemi will begin his year long term on January 1, 2011.
“In this important role, Joe will lead a talented group of industry professionals who volunteer their time and efforts to represent the interests of the institutional trading community worldwide,” commented Joseph M. Velli, chairman and chief executive officer of ConvergEx Group. “Joe brings with him extensive and successful experience that combines a passion for the business with a deep understanding of capital market and market structure issues. On behalf of all the employees at ConvergEx, I extend our hardy congratulations on this well-deserved honor.”
A veteran of the industry, Cangemi began his career in 1983 when he co-founded Francis P. Maglio & Co., growing the firm to become one of the industry’s top direct access floor brokers. There, he operated as head trader and chief operating officer until ConvergEx acquired the firm in 2002. In 2006, he was appointed to the STA’s Board of Governors and served as STA treasurer in 2009. He is currently serving as STA vice chairman for 2010. Mr. Cangemi is also a past governor of the NYSE.
Established in 1934, the STA is the leading trade organization for individual professionals in the securities industry and works to improve the ethics, business standards and working environments for its members. It is comprised of 27 affiliate organizations, nationally and internationally, with approximately 5,200 members. The STA provides its members with a voice on matters affecting the markets – with Congress, SEC, regulators, exchanges and other organizations.