Citadel Securities Hires Barclays's Electronic Equities Chief
June 02 2017 - 1:10PM
Dow Jones News
By Alexander Osipovich
Barclays PLC. 's head of electronic equities trading is leaving
the bank to take one of the top jobs at giant electronic
market-making firm Citadel Securities LLC.
Joseph Mecane will become Citadel's new head of execution
services, a role in which he will oversee its business in equities,
options and exchange-traded funds, Citadel said Friday. He is to
start in September, a Citadel spokeswoman said.
Mr. Mecane joined Barclays in November 2014, five months after
the bank was hit with a civil lawsuit from the New York attorney
general, accusing it of misleading customers of its "dark pool" for
off-exchange stocks trading.
A former New York Stock Exchange official, Mr. Mecane faced the
task of mending relationships with Barclays clients. Barclays paid
around $70 million last year to settle the suit and related
litigation by the Securities and Exchange Commission, admitting
violations of federal securities laws as part of the deal.
Citadel Securities trades stocks, bonds, options and currencies
in markets around the world. It handles more than a third of U.S.
retail equities orders, paying online brokerages such as Charles
Schwab and TD Ameritrade to execute their customer's orders and
trade against them.
It was founded in 2002 by billionaire Ken Griffin, who also
leads the Chicago-based hedge fund giant Citadel LLC, although the
two businesses say they are operated independently.
The announcement of Mr. Mecane's hire comes two months after
Citadel Securities said it had recruited Stephen Luparello, a key
former SEC regulator, to join the firm as its general counsel.
Write to Alexander Osipovich at
alexander.osipovich@dowjones.com
(END) Dow Jones Newswires
June 02, 2017 12:55 ET (16:55 GMT)
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