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April 12, 2013

Virtu Financial's Concannon Unlikely to Join SEC

“Chris Concannon, an executive at a high-frequency-trading firm and a former senior Nasdaq OMX Group Inc. official, has told executives at Virtu Financial LLC he is unlikely to leave the company for a big job at the Securities and Exchange Commission, people familiar with the situation said.

“The 45-year-old Mr. Concannon, a partner at New York-based Virtu, was approached by the SEC about potentially taking the senior role overseeing trading firms and stock exchanges, according to people familiar with the talks.

“Mr. Concannon was asked earlier this week to consider heading the SEC’s trading and markets division, the people said. He worked in the SEC’s trading and markets division as a staff attorney from 1994 to 1997 before helping run electronic stock-trading networks and eventually becoming executive vice president of Nasdaq, which operates the Nasdaq Stock Market.

“He left Nasdaq in 2009 for Virtu, now one of the biggest players by trading volume in stock, futures and currency markets in the U.S. and abroad. Still, it was little-known beyond Wall Street until last year, when it competed in a bidding war to take over Knight Capital Group after trading errors crippled the Jersey City, N.J., brokerage firm.”


Read full Wall Street Journal article here

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