Cecchini will assume the role of chief strategist and work with Cantor’s traders to recommend options trades on stocks, indexes and exchange-traded funds, he said in a Jan. 14 e-mail to clients. “I will continue to focus on idea generation in special situations and across asset classes,” Cecchini wrote.
Cantor also hired BGC’s Jamie Halegoua as a senior equity derivatives strategist and Elizabeth Kent as a salesperson, according to Cecchini’s e-mail. Halegoua and Kent will report to Cecchini. Cecchini’s profile on the Financial Industry Regulatory Authority website says he works at Cantor.
Cantor, the bond broker transforming itself into a full- service investment bank, has expanded its equity and fixed- income businesses as larger rivals cut staff during the financial crisis. U.S. options volume rose 8 percent last year to 3.9 billion contracts for an eighth-straight annual record, according to the Chicago-based Options Clearing Corp., which clears and settles all equity options trades in the U.S.
Sandra Lee, a spokeswoman for New York-based Cantor, declined to comment. Florencia Panizza, a spokeswoman for New York-based BGC, didn’t respond to a call seeking comment.
Cantor and BGC both facilitate trading of bonds, stocks, and other securities among large institutions. Cantor, a private partnership, focuses on money managers such as hedge funds, insurers, and pension funds and is one of 18 primary dealers authorized to trade U.S. government securities with the Federal Reserve Bank of New York. BGC, which went public through a merger two years ago, focuses on transactions among banks.
Cantor Fitzgerald named Jarred Kessler of Credit Suisse Group AG as global head of equities, three people familiar with the matter said last month. Kessler will start in February and replace Kenneth Savio, the people said.
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