Peter Quick: Young Blood For An Old ExchangeMarcia Vickers
Can Peter Quick jump-start the 89-year-old American Stock Exchange? Named president of the Amex on May 23, the 44-year-old Quick is charged with reviving the exchange, which has lost such key listings as Hasbro and Viacom.
Quick, a former executive at Quick & Reilly, the national discount brokerage firm co-founded by his father, Leslie C. Quick Jr., must also beef up the Amex' already successful exchange-traded funds business. Amex exchange-traded funds are based on stock indexes and act like mutual funds, but can be bought or sold all day long like a stock. "There's tremendous potential for index shares both domestically and globally," Quick said.
Quick also faces some obstacles. Just as the Amex plans to expand its options trading, it's involved in a regulatory probe of the nation's options trading business. And it faces competition from such mutual-fund firms as State Street and Vanguard Group, which may eat away at the Amex' niche in exchange-traded funds. Quick has some fast work ahead.