Rosenblatt Hires New NYSE Floor Head

Bucking the trend of shrinking floor operations and exchange presence, Rosenblatt Securities recently appointed Gordon Charlop as managing director and head of the firm's New York Stock Exchange operations.

In his new position, Charlop will be responsible for Rosenblatt's floor team, which has increased from six to nine over the past two years.

"We believe that with even maybe just one rule change and some dedication by the NYSE staff to upgrading the trading platform, the NYSE could end up emerging once again as the preeminent market," says Charlop. "It's still the biggest player and if they get it right there is a very powerful opportunity here."

He points to the exchange's discussions about adding algorithms to the handheld trading platform and nondisplayed liquidity options as being key to this potential opportunity. "This isn't just trying to sail with no wind, there is potential here," says Charlop.

"What the exchange is trying to do is incorporate some of the new trading products available as well as electronically re-capture what it was that made the floor so special," he explains.

Block trading in particular is also an important component. "The exchange is a place to get business done, to get blocks done and get pricing done so we will be there," Charlop adds.

Charlop was previously CEO of WJ Dowd, an agency brokerage, and has also been a NYSE Floor Official and has served on the exchange's Technology Planning and Oversight Committee and its eBroker Technology Committee.

He was involved in the design and improvements to the exchange's handheld trading terminals when they started at the exchange more than ten years ago. Ultimately, technology improvements at the exchange will be the deciding factor.

"If they can get the technology to become more competitive and more relevant and come up with some very clear value adds then we will see the full opportunity," says Charlop.