Bank of New York subsidiary BNY Brokerage promoted Derek Morris from SVP of program trading sales to cohead of the program trading business. Morris will work with Jim Bossert and BNY's Direct Execution Services development team to expand the algorithmic trading capabilities offered to clients.
Through product and business development, Morris is responsible for plotting the strategic position of BNY's program trading desk and "creating a mind-set among our traders and sales traders to really focus on external client need," he says. "I'm laying the groundwork and the framework on which we can execute for clients."
Morris adds, "We still have full faith in the pure, unconflicted agency model. That makes my job much more exciting." Morris previously held positions at Automated Trading Desk and Instinet. --C.L.