Getco's Chief Technology Officer Departs

Getco LLC’s chief technology officer Michael Rauchman has left the electronic trading firm as the company carries out an expansion plan to develop new businesses, according to a story by Dow Jones Newswires.

Rauchman served as CTO since 2010 and previously led trading operations in stocks and currencies since joining the high frequency trading firm in 2001.

Getco is among the biggest market participants ranked by volume on exchanges and trading platforms run by CME Group, NYSE Euronext, Nasdaq OMX Group, and Deutsche Boerse.

Prior to leaving Getco, Rauchman was co-head of U.S. equity trading and also led Getco’s push into foreign exchange markets in 2005, said Dow Jones.

Rauchman’s departure comes after a leadership changes in late February when Daniel Coleman, the former head of equities trading and client services, was promoted to CEO, taking over the position from co-founders Stephen Schuler and Dan Tierney, who moved into a senior leadership role.

Since joining Getco in 2010, Coleman, a former global head of equities trading at UBS, is said to have intentionally moved Getco, a private firm known for its high speed equity market making, into client “facing businesses. Getco now sells its trading algorithms to institutions and also operates a dark pool, and could potentially sell technology and other services to banks, mutual funds and other institutional customers.

According to a spokesperson, quoted in the Dow Jones article, Getco is considering candidates for the chief technologist role. 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