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Direct Edge CTO Steps Down

The exchange operator said Steven Bonnano will leave the company in May and that a search for candidates has commenced.

Direct Edgeannounced today that Steven Bonanno would step down as chief technology officer in May 2011. Direct Edge said it has commenced an active search for Bonanno’s replacement.

The Jersey City, N.J.-based exchange company gave no reason for his departure.

According to a spokesman for Direct Edge, Bonnano is staying at the exchange through May and has not announced any plans to join another firm. Protiviti, a unit of Robert Half International, has been hired to search for candidates, according to the Wall Street Journal.

In a statement, William O’Brien, CEO of Direct Edge, said, “Steve has been a valued member of my executive team since Direct Edge began operating as an independent company, and played an integral role in Direct Edge’s successful transition to its new exchange technology platform last July. I am incredibly grateful to him for the contribution he has made to Direct Edge in his tenure here, and wish him success and happiness in all his future endeavors.”

The Wall Street Journal article noted that Bonanno oversaw Direct Edge's transition to new trading technology last summer at the same time the firm was converting from an electronic communications network to a full-fledged exchange. Direct Edge is now on equal footing with other traditional U.S. stock exchanges, including Nasdaq OMX and NYSE Euronext and electronic rival BATS Exchange.

The firm is owned by Knight Capital Group (KCG), Citadel Derivatives Group, Goldman Sachs Group Inc. (GS), J. P. Morgan Chase & Co. (JPM) and International Securities Exchange. In the past week, there have been reports that Deutsche Borse, parent of the International Securities Exchange, which is the biggest investor in Direct Edge, might bring in other bank investors due to anti-trust concerns of its proposed acquisition of NYSE Euronext.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio

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