In an effort to support its growing crossing business, Instinet has hired Chris Troy as a sales trader on the crossing desk. He joins three other sales traders on the desk. Instinet has had a crossing network for 18 years, notes Troy's new boss, Bill Cody, first vice president, Instinet Crossing.
"I'll be ... dealing with customers, and marketing and selling our different products," Troy explains, adding that he will be responsible for four different products: VWap cross, which occurs at 8:30 a.m. and 9:15 a.m.; an interday cross, which occurs approximately 10 minutes before every hour; an end-of-day cross based on the NYSE and Nasdaq's closing prices; and a continuous cross.
Troy has worked at CIBC, Jefferies and Cantor Fitzgerald as a market maker over the past 10 years. His most recent position was as a market maker at Crown Financial, which shut down its trading desk after deciding it no longer wanted to trade Nasdaq stocks, according to Troy.
"Chris was a good choice as he has worked with so many firms that are big in this arena - many of the firms he has worked with are our crossing clients," Cody says, noting that Instinet also hopes to tap Troy's network of clients.