The online broker-dealer TradeKing this week announced that it has tapped long-time securities veteran Angelo Benedetto to take the helm of its newly established, Web-based, fixed-income trading platform.
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The new online product is available by accessing the broker-dealer's Web site, www.tradeking.com. Retail investors and members of the trading community can use the platform to research, analyze, and trade municipal, corporate, Treasury and agency bonds, certificates of deposit, and related tools, as well as live secondary market offerings and new issues.
TradeKing's site is powered by ValuBond Inc., a subsidiary of Knight Capital Group Inc., and its newest fixed-income trading platform was established to leverage and enhance the broker-dealer's equities and options offerings.
Benedetto, who has been in the securities trading industry since 1956, comes to the online venture after assuming a number of senior roles at leading firms, including vice president of trading at Josephthal and Co. and U.S. Clearing, as well as senior vice president of institutional trading at Aegis Capital Corp. He has served on the advisory boards of the American, Chicago, Boston, and Pacific Coast stock exchanges, and on the options committees of the American and Philadelphia exchanges. In addition, while working for Quick & Reilly from 1991 to 2004, he helped establish its muni bond department.
Top brass at TradeKing are counting on Benedetto's more than 50 years of experience to make the new fixed-income platform thrive. In his new position, Benedetto will put a special emphasis on municipals and corporate bonds.
"Bringing an industry luminary such as Angelo on board to oversee this endeavor will ensure that our offering remains second to none in the industry," Don Montanaro, TradeKing's chief executive officer, said in a press release.
"We're thrilled he'll be applying his considerable experience and knowledge to help our clients succeed," Montanaro added.
Dave Herron, chairman of the Chicago Stock Exchange, called Benedetto "a great ambassador" for the securities industry in a press release, adding "Angelo will help the company maintain and grow its presence in our industry."
Benedetto himself said he is eager to participate in TradeKing's new venture, which he was attracted to because the online brokerage aims to attract new clients "through transparent and democratic pricing, top-of-the-line tools, and friendly educational services, as opposed to acquiring customers through industry consolidation," he said in a statement.
"I'm confident the fixed-income component of their trading suite will be a tremendous boon to the online investor community," Benedetto said. (c) 2007 The Bond Buyer and SourceMedia, Inc. All rights reserved. http://www.bondbuyer.com http://www.sourcemedia.com
