Liquidnet Australia, the operator of a buy-side focused block-crossing platform, has confirmed the resignation of one of its co-heads.
Stephen Zilioli, who joined Liquidnet in March 2007, left the firm a few weeks ago according to a source close to the situation.
Sam Macqueen, who was co-head with Zilioli, will now assume sole responsibility for leading the block-trading venue.
Prior to joining Liquidnet, Zilioli spent five years at UBS as a sales trader for Australian and New Zealand equities, following a similar role at Merrill Lynch. Macqueen joined Liquidnet in February 2007 from buy-side firm Schroders Investment Management Australia where he was head of equities trading. He has also worked as an institutional sales trader for Australian-based brokerage house Macquarie.
Australian markets are currently undergoing substantial reform, which will eventually allow venues to compete with domestic bourse the Australian Securities Exchange (ASX). One of these, Chi-X Australia, is tipped to launch later this year. Liquidnet Australia currently operates as a broking member of the ASX.
Changes to the rules governing dark pools are also being considered, including a minimum size threshold for dark transactions, a proposal that has divided opinion among Australian market participants.