Electronic trading industry veteran James Leman was named managing director, head of execution trading for the Americas, at HSBC Securities. Based in HSBC's New York office, Leman will be responsible for all program, algorithmic and direct-market-access trading for institutional and corporate clients.
The newly created position is a result of a change in the bank's trading structure, which created three heads of trading for each region - Europe, the Americas and Asia-Pacific. "We've broken trading within equities down to a products and service level, which can then be taken out and provided as part of a larger cross-asset-class business strategy," says Kevin Bourne, global head of execution trading at HSBC. It's "a different methodology than the Street, but it's based on where the firm sees its future," he adds.
Leman brings 22 years of experience to his new role. He previously was responsible for Citigroup/Salomon Brothers' global electronic trading and connectivity, and was a founding member of the Financial Information Exchange (FIX) protocol. Most recently, Leman served as president of SunGard's BRASS business unit, where he managed its range of broker-dealer sell-side products. Leman is quick to add that his move to HSBC had nothing to do with the leverage buyout at SunGard. "HSBC presented an offer I couldn't refuse," he says.
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7/1/05, Issue # 2307, page 63.