Tom Conigliaro has joined Markit as managing director and head of trading services, with a focus on rolling out the market data provider’s buy-side services.
Conigliaro, a sell-side trading veteran with more than 25 years experience, will in 2014 focus on expanding Markit’s commission management service into the Asia-Pacific market by the middle of the year. Markit launched the product in the US in 2012, followed by a European launch last year.
Commenting on his appointment, Conigliaro said: “My experience working closely with clients, industry regulators, sell-side counterparts and third-party research providers informs my perspective on how best to deliver solutions to the buy-side.
“My goal is to drive delivery of services to the buy-side, with a strong focus on the trading desk.”
Markit is also developing its TCA product to meet growing demand for real-time, streaming TCA data.
“There’s a lot of regulatory pressure for the buy-side to justify their execution and TCA is vital for that. But what we’re also seeing is firms moving to using TCA pro-actively to improve the quality of their execution on an intra-day basis, rather than reacting to historic TCA data,” Conigliaro explained.
He will also be taking responsibility for the development of Markit’s trader dashboard, a buy-side focused trading strategy and monitoring platform unveiled by Tim Sargent, co-head of equities at Markit, in October last year.
The project is currently in the conception phase, with input from a number of Markit’s core clients, and could go live in anticipation of the launch of its real-time TCA product later this year.
Conigliaro joined Merrill Lynch in 1987 on the Nasdaq trading desk before moving on to run its commission sharing business.
In 2003, he joined Goldman Sachs’ third-party research business and oversaw the investment bank’s minority stakes in key independent research providers.
After leaving Goldman he spent a year working for a boutique research provider before joining Markit.
He has also served on several trade body regulatory committees in the US, including a term as chair of the Securities Industry and Financial Markets Association’s Institutional Brokerage Committee from 2005-2006 and is a current member of the National Organization of Investment Professionals.