Penson Financial Services, Inc., the U.S. broker-dealer and clearing services subsidiary of Penson Worldwide, Inc. (NASDAQ: PNSN), announced today the appointments of two securities industry veterans with extensive electronic trading expertise, Dan Weingarten and Sean Malloy, to Senior Vice Presidents, US Sales and Marketing.
Weingarten and Malloy, who are joining Penson from NYFIX Millennium, a non-displayed alternative trading system, will share responsibilities for leading Penson’s U.S. Sales and Marketing efforts, and will also contribute to the firm’s global strategy. They will assume their responsibilities by the end of July, and will be based in Penson’s New York office.
“Dan and Sean will become integral to our senior management team,” said Daniel P. Son, President of Penson Worldwide, Inc. “Throughout their careers, both Dan and Sean have been involved in leading applications of electronic trading technology, which is a core segment of our business at Penson.”
Bill Yancey, President and CEO of Penson Financial Services, Inc. added: “Building the best clearing and execution services firm in the world requires a world class team. We believe that Sean and Dan will play a significant role in leading this effort.”
Previously, Weingarten and Malloy were the co-heads of sellside transaction sales at NYFIX, leading a business development effort at NYFIX Millennium and responsible for the overall growth and development of transaction products including DMA, wholesale execution and Algorithmic trading. During their tenure Millennium volumes grew from under 5 million shares per day in 2003 to over 50 million shares per day in Q2.
Weingarten joined NYFIX in February 2003 from the Island ECN, where he managed both buy and sell-side business for the fast-growing electronic equities marketplace. Prior to Island, he held a position in business development on an electronic trading initiative at Credit Suisse. A business graduate of the University of Delaware, Weingarten began his financial services career with TD Waterhouse, where he eventually managed an Institutional trading desk in New York
Malloy joined NYFIX in October 2003 from Southwest Securities, Inc., where he directed the sales and marketing of the firm’s clearing and execution services business. A graduate of the University of Maryland, he worked in several technology and financial services companies during the 1990s, including Wang Laboratories, TCR Systems, Montgomery Securities, Newsware, Inc. and Integral Development Corporation.