By Jacob Bunge
CHICAGO--The chief technology officer of Getco LLC has departed the electronic trading company amid an expansion plan outlined by the firm's new chief executive, focused on developing new businesses.
Michael Rauchman had served as Getco's chief technology officer since 2010 and previously led trading operations in stocks and currencies since joining the high-frequency market maker in 2001.
Chicago-based Getco ranks among the biggest participants on exchanges and trading venues around the world, numbering among the top-five traders by volume on platforms run by CME Group Inc. (CME), NYSE Euronext (NYX), Nasdaq OMX Group Inc. (NDAQ) and Deutsche Boerse AG (DB1.XE, DBOEF). The company relies on computer models to make two-sided markets, buying and selling securities and earning profits on the price spread.
A spokeswoman for Getco confirmed Mr. Rauchman's departure, and said that the firm is considering candidates for the chief technologist role.
Mr. Rauchman left Getco following a leadership change in late February that saw Daniel Coleman, previously head of equities trading and client services, take over as CEO from co-founders Stephen Schuler and Dan Tierney, who moved into senior leadership roles at the 13-year-old company.
Since joining Getco from UBS AG (UBS) in 2010, Mr. Coleman has led a push to sell trading services and technology to mutual funds and other institutions, a new arena for Getco. The fast-trading firm is also broadening the way it trades, holding securities for longer periods and managing a greater level of risk than it has in the past.
Prior to the chief technology officer post, Mr. Rauchman was co-head of U.S. equity trading for about a year and also led Getco's push into foreign-exchange markets in 2005.
Write to Jacob Bunge at email@example.com