Electronic Trading Newsflashes: Bookbinder to Depart eSpeed as Head of Sales, and more

Bookbinder to Depart eSpeed as Head of Sales

ESpeed, the developer of electronic marketplaces and trading technology, announced yesterday that Stephen Bookbinder, senior managing director and head of sales, is leaving the firm to pursue other opportunities.

ESpeed, which operates one of the largest government bond networks and other equity and fixed-income marketplaces, said Bookbinder is leaving by mutual decision, and that it intends to search for a replacement. In the interim, Paul Saltzman, chief operating officer, will oversee eSpeed sales.

Bookbinder joined eSpeed in June of 2004 after working at Bloomberg for 14 years where he directed sales for the Tradebook division, which he cofounded with Kevin Foley, eSpeed's recently appointed president.

ComStock Releases XpressFeed Adaptor for RMDS

Interactive Data company ComStock, a provider of real-time global data, has released a new adaptor that allows for the integration of the company's market data feed, XpressFeed, into the Reuters Market Data System (RMDS), the company announced on Tuesday.

The new XpressFeed Adaptor for RMDS went live at an investment bank on February 1, 2005, and currently is undergoing integration testing at several other large institutions, stated Comstock, in a press release. The investment bank declined to be named.

"The XpressFeed Adaptor for RMDS enables firms to introduce the ComStock data feed as an alternative source of global real-time data, which can be used in primary, back-up or dual-primary mode," stated ComStock President Daniel Connell, in the release.

Archipelago Exchange Plans to Open Earlier

The Archipelago Exchange (ArcaEx) plans for an early open of stock trading to coincide with European trading hours. The electronic stock exchange will open trading at 4:00 a.m. Eastern Standard Time (EST) for all U.S. listed and over-the-counter stocks, pending approval from the Securities and Exchange Commission.

By providing access to liquidity in U.S. listed stocks during their trading hours, European investors can benefit from the order interaction and price discovery available on ArcaEx in the opening session, the exchange says. The early open should be important for trading in American Depository Receipts (ADRs) and exchange-traded funds (ETFs), ArcaEx said in a press release.

ArcaEx will disseminate quote and trading information via the consolidated tape, and ArcaEx's regulator, the Pacific Exchange, will provide regulatory oversight during the early open period. As a result of the earlier opening, ArcaEx will run the opening auction at 4:00 a.m. EST.

Thailand Futures Exchange Signs Agreement with OMX Technology

The Thailand Futures Exchange (TFEX) signed an agreement to use the OMX Technology's Click Trade -- an order entry system - as well as Click XT and Secur as a new integrated trading and clearing platform for its derivatives products.

The agreement includes licensing, project implementation and system support for the next five years. The project was scheduled to begin implementation early in March.

As a new futures marketplace, licensed to trade financial and commodities derivatives, TFEX will begin trading its first contract, the SET50 index futures, in the fourth quarter of 2005, followed by interest rate products and stock options.