The technology infrastructure group at the NYSE, SIAC, has gained new leadership.
Dow Jones story here (WSJ paywall):
“Jerry Putnam, current SIAC chairman, president and co-chief operating officer, will step in as interim chief executive. Thomas Demcheck, senior vice president, will become chief operating officer.”
Jerry Putnam is the founder and head of Archipeligo…this seems to be a natural move in terms of consolidating change for the NYSE.
SIAC, the Securities Industry Automation Corporation, has always been considered a slow moving industry utility…it looks like this might be changing very soon…here is one of SIAC’s primary functions…the distribution of the Consolidated Trade and Quotes Systems…
“SIAC distributes market data information for the Consolidated Trade (CTS), Consolidated Quote (CQS), and Options Price Reporting Authority (OPRA) systems utilizing the IP (Internet Protocol) multicast distribution network.”
Additional news that Mike Cormack has resigned from the NYSE. Mike was the NYSE executive who came to the Bond Market Association Technology Summit last December to expound on how the NYSE bond platform would soon become the dominant US credit platform. Lots of raised eyebrows over his comments. He was the early herald of the possibility of exchange trading of bonds.He is now gone and the NYSE bond platform is still not in production…this will be a slow transition from an over the counter market to an exchange traded market. Sorry Mike won’t be around to see it…
One Comment
Nyse buys out SIAC
The New York Stock Exchange has confirmed that it is buying the one-third stake it doesn’t already own in the Securities Industry Automation Corporation (SIAC) from the American Stock Exchange for $40 million.
http://www.finextra.com/fullstory.asp?id=16076
Post a Comment