Brokerage and trading services provider ConvergEx Group has appointed its head of electronic equity trading and sales to CEO of the firm's UK based broker-dealer, ConvergEx Ltd.
Joseph N Cangemi will take on the new role alongside his current position, and will be responsible for overseeing an expansion of ConvergEx's European operations.
Speaking to theTRADEnews.com today, he said the regulatory shifts occurring in Europe offered both challenges and opportunities for market participants.
"The tone of regulation has changed in London and the broker-dealer community is having to tailor its offerings more closely to client needs," Cangemi said.
He added that he has worked in an academic context on MiFID II reforms, which, coupled with hands on experience with regulatory issues in the US, would help ConvergEx's European business work with clients to navigate the shifting regulatory landscape.
"There are many similarities we see in the changes to markets occurring globally, particularly regarding regulatory oversight and London is the gateway to many of these markets for ConvergEx and the clients it serves, so it's always been an important part of our business," he said.
Cangemi joined ConvergEx, owned by custodian bank BNY Mellon, through the acquisition of Francis P Maglio & Co, a firm he founded in 1983. He was appointed to the Security Traders Association's board of governors in 2006, serving as the association's treasurer in 2009 and chairman in 2011.