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Rosenblatt Securities is pleased to announce that it has hired Gordon Charlop as Managing Director in charge of the firm’s New York Stock Exchange floor operations.
Charlop, formerly president and CEO of agency brokerage WJ Dowd, will oversee a floor staff that has grown during the past two years from six to nine people. Rosenblatt’s move stands in contrast to the actions of many other brokerages, especially the big global players that traditionally have provided the bulk of the NYSE’s order flow, which have cut their floor staffs significantly. Rosenblatt views these moves as overreactions. Over the past five years the firm has diversified from its roots as an independent floor brokerage and now derives the vast majority of its revenues from upstairs trading and other businesses, but it firmly believes that the ability to represent customer orders on the NYSE floor, which still commands nearly 40% market share in Big Board-listed stocks, remains an essential tool for achieving best execution.
“We believe it’s important to represent our clients wherever the liquidity they need resides, whether it be in the various electronic markets to which we connect or on the NYSE floor,” said Dick Rosenblatt, Founder and CEO of Rosenblatt Securities and an NYSE Executive Floor Governor. “The management of the exchange is committed to maximizing the strategic value of the floor, and by expanding our floor presence, especially now with Gordon’s leadership, we believe we will be well positioned for coming changes to the NYSE’s market structure aimed at stabilizing and reclaiming lost market share.”
A former NYSE Floor Official, over the past several years Charlop led WJ Dowd’s efforts to add upstairs and international trading to its core floor-brokerage business. Prior to joining WJ Dowd in 1990, he was a clerk at HJMeyers and a trading assistant for Bear, Stearns & Co. on the American Stock Exchange. Throughout his career Charlop has been intimately involved in the development of the Big Board’s trading technology, and he presently serves on the exchange's Technology Planning and Oversight Committee, as well as its eBroker Technology Committee. He holds a Bachelor of Science degree in Business Administration and a Master of Business Administration from the State University of New York and is presently a Ph.D. Candidate in Organizational Management at the School of Business and Technology at Capella University.
“I have long shared Dick Rosenblatt’s enthusiasm for innovation and using technology to make floor trading more efficient,” said Charlop. “I’m thrilled to be joining his firm as it continues to broaden its scope and grow beyond its roots on the floor.”
