The US institutional brokerage team from Van der Moolen Group has joined Direct Access Partners, LLC, an institutional agency brokerage firm providing trade execution and institutional trading support services.
The eight-person team includes U.S. equity and options traders, foreign equity trades, institutional sales and operations support. The new team also moved over its corporate management access program.
“The move to Direct Access Partners provides our clients with a tremendous opportunity to trade across multiple asset classes as well as access to prime brokerage services,” stated Michael Shea, who has been named a managing partner with Direct Access Partners. “As an institutional trading group, it was critical for us to move to an organization that could provide our clients with a robust, customizable trading platform,” said Shea in the release.
Van der Moolen had sold its NYSE specialist business to Lehman Brothers in 2007. Van der Moolen NV filed for creditor protection in the Netherlands, according to the Wall Street Journal.
Direct Access Partners offers both high-touch order execution services, either electronically from the desk, facilitated via broker, from the floor of the YYSE or in any one of 109 international markets — as well as low touch services that them access to trading technologies. "This is a quality, highly experienced team that has already proven to be a tremendous strategic and cultrual fit for our organization," stated Ben Chinea, CEO, Direct Access Partners, LLC, in the release.
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 the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio