Equiduct CEO Randall Steps Down, Artur Fischer to Be CEO
Equiduct has appointed Fischer, who is also the joint CEO of Boerse Berlin, as interim CEO, the London-based company said in an e-mailed statement today. The trading venue’s shareholders have considered closing the business, two people with knowledge of the situation said on Feb. 11. They plan to hold a meeting to discuss funding for Equiduct, according to the people, who asked not to be identified because the information is private.
Randall, 56, brought alternative-trading systems to Europe in 2007 as CEO of Chi-X Europe Ltd., which he turned into the largest venue in the region. His success encouraged others, including Turquoise and Bats Europe, to enter the market as European Union regulations removed national stock exchanges’ monopolies over trading. The former Instinet broker once wore boxing gloves to give a speech on competition and was known to leave phone messages for rival executives when Chi-X posted record trading days.
Equiduct is a trading platform for retail brokers, owned by Citadel Investment Group LLC and Knight Capital Group Inc. and operated by the Berlin bourse. Randall became chief executive in December 2009, seeking to take market share from incumbent exchanges such as Deutsche Boerse AG, London Stock Exchange Group Plc and NYSE Euronext.
Citadel, which is closing its direct-execution services business in Europe, has pressed for clarity on Equiduct’s future, the people said on Feb 11. Equiduct last year held talks with securities firms and exchanges about selling a stake or adding partners, people familiar with the situation said in June.
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