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April 12, 2013

High-Speed Trader Said to be Considered for SEC Post

Chris Concannon, an executive at high-frequency trading firm Virtu Financial LLC, is under consideration to oversee trading and markets at the U.S. Securities and Exchange Commission, according to people briefed on the discussions.

Concannon met April 10 with the new SEC chairman, Mary Jo White, to discuss the opening, said the people, who spoke on condition of anonymity because the meeting was private.

In the 1990s, Concannon worked at the SEC in the same division, which monitors exchanges, brokerages and dark pools, where prices aren’t publicly displayed. A partner and executive vice president at Virtu, Concannon has held top jobs at early electronic trading platforms and at Nasdaq OMX Group Inc. (NDAQ)

“White, an ex-prosecutor, lacks expertise in market regulation and has identified high-frequency trading and market complexity as priorities for her term at the SEC, which began April 10. Concannon, with his inside view of automated modern markets, would be a departure for a division that has typically been run by attorneys with little trading experience.”

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Read full Bloomberg article here

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