The New York Stock Exchange is pilot-testing electronic entry of reserve orders, moving its Hybrid Market one step closer to its fully electronic rivals at the expense of its trading floor. It has also hired an execution and market structure expert away from UBS.
Joseph Mecane, managing director at UBS, will on May 21 start at NYSE, working under Larry Leibowitz, EVP of U.S. markets and global technology, who in July left the COO position at UBS Americas Equities. Mecane and Leibowitz also worked together at Schwab Capital Markets, which was purchased by UBS in November 2004. Previously, Mecane, who held the COO title at Schwab Capital, was chief operating officer for the Nasdaq division of Jersey City, N.J.-based Knight Capital Group.
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