May 19, 2011

Electronic exchange operator Direct Edge has hired Thomas McManus as Chief Compliance and Regulatory Officer, according to today’s news release.

McManus is leaving his current role as the Head of Compliance, Americas for Barclays Capital, the investment banking division of Barclays Bank plc, where he is also the Chief Compliance Officer of Barclays Capital Inc. and Global Head of Compliance for Barclays Capital’s Equities and Prime Services divisions.

In his role, McManus will be responsible for the fulfillment of Direct Edge’s compliance and regulatory obligations, which include the operation of its two U.S. cash equities platforms, EDGA and EDGX Exchanges. McManus will serve as Chief Regulatory Officer of these two dual exchange platforms, as well as the company’s routing broker-dealer. He will report directly to CEO William O’Brien and start the job on July 11th.

“I am excited to have the opportunity to join a game-changing organization whose dedication and success in providing the trading community with the innovation needed to stay competitive is undeniable,” said McManus in a prepared statement. “In the last few years, Direct Edge has evolved from ECN to full-fledged exchange—an immense technological and regulatory transformation –and I am ready to contribute and help ensure Direct Edge fulfills both the letter and the spirit of its compliance obligations as the company continues to grow.”

In the same release, O’Brien added: “Maintaining a strong culture of compliance is essential for any company that wants to provide value to its customers on an enduring basis, and this is especially true for exchange operators.” Prior to joining Barclays Capital in 2009, McManus was a Partner with Morgan, Lewis & Bockius LLP in New York. Prior to that, he was with Morgan Stanley & Co. Inc. for nearly 11 years, serving as managing director and counsel responsible for their Institutional Equity and Prime Brokerage divisions.

McManus began his career as an attorney with the SEC’s Division of Market Regulation (now the Division of Trading and Markets) in Washington, D.C., and followed that with a position as associate with Orrick, Herrington & Sutcliffe LLP in New York. He has served on FINRA’s Compliance Advisory Committee, and as Chairman of FINRA’s Market Regulation Committee. He has also been an active member of SIFMA/SIA since 1994.

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Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in ...