Instinet, the former Reuters-owned agency broker acquired recently by Japanese securities house Nomura, has promoted John F. Fay and Alex Goor to co-CEO. Fay and Goor, previously co-presidents of the firm, succeed Edward J. Nicoll, who remains as chairman.
“I have worked side by side with John and Alex for over 10 years, and have watched them develop their considerable talents and vision,” says Nicoll. “I’m certain that they will continue Instinet’s tradition of excellence as they lead us in the future as part of the Nomura family.”
“Instinet has long been a pioneer in electronic trading, relying on advanced trading technologies, global reach and, above all else, dedicated client service,” says Goor. “With these values in mind, John and I could not be happier about the opportunity to lead the firm.”
“This is an extremely exciting period in the firm’s history, with volumes and market share up in all regions, global initiatives like JapanCrossing and Chi-X starting to pay dividends, and a new suite of offerings that we will be able to provide clients as part of Nomura,” adds Fay.
Fay will direct Instinet’s businesses in Europe and Asia as well as its finance organization, while Goor will continue to lead Instinet’s North American business as well as its technology operations.
Before joining Instinet, Fay was CFO of Island Holding Company, which was acquired by Instinet in 2002. Prior to that, he held senior management positions at Goldman Sachs, Morgan Stanley and Dean Witter. Fay serves on the Board of WR Hambrecht & Co. He is a graduate of Mount St. Mary’s College and has an MBA in Finance from the Stern School of Business at New York University.
Goor previously served as President of Inet ATS, Inc., which Instinet sold to Nasdaq in 2005, and before that held senior management positions at Datek Online and Watcher Technologies. Goor serves on the Board of Bond Desk Group and is a graduate of Columbia University.