Agency broker Instinet has officially announced the appointment of former Credit Suisse executive Richard Balarkas as president and CEO of Instinet Europe.
TheTRADEnews.com revealed on 19 December 2007 that Balarkas would join Instinet following his departure from Credit Suisse, where he was global head of sales for the bank’s AES agency brokerage division.
Balarkas will be responsible for Instinet Europe’s overall operations and business strategies and will report to Fumiki Kondo, co-CEO of Instinet, and Tony Mackay, chairman of Instinet Europe.
“There is currently an unrelenting focus in the equity markets on how the trading process can significantly impact fund performance,” comments Balarkas. “As such, brokers are being selected primarily for their ability to provide best execution, a task which requires continuous investment in new and innovative trading services.”
In this regard, Instinet is “uniquely positioned”, says Balarkas, due to “its ‘unconflicted’ agency model, global reach and commitment to the evolution of more efficient market structures and advanced equity trading tools.”
Balarkas’ appointment completes the new senior management team at Instinet Europe. He will join chief operating officer Clive Triance and chief financial officer Stephen Corker, who have both recently joined the company.
Triance joined Instinet last October and has 20 years experience in financial services. His most recent role was at Citigroup as managing director of securities and fund services for EMEA.
Corker has 12 years experience with FTSE 250 company Tullet Prebon, where his most recent position was as European chief financial officer.