Investment Technology Group, an electronic-trading-systems and services vendor, best known for its Posit crossing network, has appointed Robert Russel its new chief executive officer. Russel, who is currently ITG's managing director in charge of strategic business development, will inherit the CEO post -- presently held by Raymond Killian -- on July 1. Killian will retain his title as chairman of ITG after Russel's promotion.
Stockholm, Sweden-based OM, a hybrid exchange-owner/trading systems vendor, has named Per Nordberg its chief financial officer. Nordberg, who currently serves as the group treasurer at London-based AstraZeneca Plc, will assume his CFO post on Sept. 2.
HSBC Investment Bank has licensed FlexTrader, an equity-trading and order-management system, from FlexTrade Systems. In a separate move, FlexTrade, which licenses FlexTrader to a client base comprised of hedge funds, investment banks and broker/dealer, has also opened an office in London.
The American Stock Exchange is consolidating its three Internet sites into a single site driven by BEA Systems' WebLogic e-business platform. The new Amex site is expected to combine the functionality of the existing sites -- Amex.com, AmexTrader.com and AmericanStocks.com -- into a single Internet address targeted at investors, stock and fund issuers and the general public.
Clarification: The article,"Brut Joins the Nasdaq Intermarket," published in last week's WS&T Week, contained a sentence that stated that Brut expects to "account for between one-third and one-half of 1 percent of the overall listed equities volume in the United States" by the end of 2002. A Brut spokesperson clarified that statement this week, noting that Brut actually expects to account for between one-third and one-half of 1 percent of the New York Stock Exchange's volume -- rather than the overall U.S.-listed equities volume.