JPMorgan's Frank Troise Said to Be Next ITG Chief Executive

  • Troise succeeds Bob Gasser, who left after SEC dark-pool case
  • ITG paid record penalty and has seen its shares drop 39%

Investment Technology Group Inc., the brokerage that paid a record fine in August over its dark-pool trading venue, is expected to name JPMorgan Chase & Co.’s Frank Troise chief executive officer, according to a person with knowledge of the matter.

Troise, a former ITG employee who has worked at JPMorgan for more than five years, takes over from interim CEO Jarrett Lilien. Lilien was put in the role after the departure of Robert Gasser, who left in the midst of the New York-based brokerage’s dark-pool settlement with the U.S. Securities and Exchange Commission. In his most recent post at JPMorgan, Troise, 49, led the execution-services team.

ITG said on July 29 that it was in talks to settle allegations its equity dark pool ran afoul of U.S. regulations, a deal that was announced on Aug. 12, with the firm paying $20.3 million to the SEC.

Troise didn’t immediately return a call seeking comment. J.T. Farley, a spokesman for ITG, declined to comment.

The company’s shares fell 39 percent since the original announcement through Thursday.

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