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SocGen Computer Glitch Said to Ripple Through Bond Derivatives
Bloomberg | Dec 20
Societe Generale SA suffered a systems failure that rippled through several futures contracts last month, according to people familiar with the matter, raising questions about the derivatives powerhouse’s risk oversight and the reliability of its technology. The Paris-based bank’s back-office systems malfunctioned, causing errors in figures that showed up on Intercontinental Exchange Inc., said the people, who declined to be identified because the conversations were confidential. Bank staff had to sort through client trades manually, one of the people said, while ICE later restated data on seven contracts.
Trump Nominates Trading Firm Founder Viola as Army Secretary
Reuters | Dec 19
President-elect Donald Trump will nominate Vincent Viola, an Army veteran and founder of a high-speed trading firm, to be secretary of the Army, adding another figure from the business world without government experience to his Cabinet. Viola is a West Point graduate who founded the highly profitable high-frequency trading firm Virtu Financial in 2008, Trump's transition team said in a statement on Monday. Viola is a former chairman of the New York Mercantile Exchange, where he began his financial services career, and is a leader in electronic trading. Along with Virtu CEO Douglas Cifu, he bought the Florida Panthers of the National Hockey League in 2013.
Markets Media | Dec 19
Themis Trading, a NJ-based agency broker, named Scott Wilson as a partner in the firm. Wilson joined Themis in 2011 as managing director covering accounts, bringing a breadth of experience ranging from software development at Morgan Stanley and management consulting at McKinsey & Company, to over 20 years of equity trading. His equity experience includes position trading at Lehman Brothers, and algorithm development and sales at OptiMark and Piper Jaffray.
RJ O'Brien Hires Industry Veteran Totman in Chicago
FOW.com | Dec 19
RJ O’Brien has hired in recent weeks experienced futures sales broker Andy Totman to help the Chicago-based firm tap futures trading clients cut loose by investment banks. RJO hired Totman as a senior vice president in Chicago last month, according to sources. He latterly worked for five months in sales with ED&F Man in Chicago and before that spent more than 18 months as North American managing partner of COEX Partners, the London-based brokerage.