Christopher Nagy, the head of order routing at TD Ameritrade Holding Corp. (AMTD:US), is leaving the brokerage to create a consulting firm.
Nagy, who has worked at Omaha, Nebraska-based TD Ameritrade for 13 years and will depart at the end of the month, plans to help brokers, exchanges and investment advisers with market structure topics in equities and options, he said yesterday in a phone interview.
“I want to continue my focus on market structure and advocacy,” Nagy said. The market plunge on May 6, 2010, made it even more important for brokers to become involved with the rules governing trading and competition between exchanges and other venues, he said. “You have an incredible amount of focus on the nation’s markets and what the correct market structure should be.”
His advisory firm will be called KOR Trading LLC, which stands for “king of retail,” he said. Dow Jones Newswires reported Nagy’s planned departure earlier yesterday.
The firm will help brokers write comment letters to the Securities and Exchange Commission in response to rule changes proposed by the New York Stock Exchange, Nasdaq Stock Market and other venues, and help them develop business strategies related to the current equities and options rules, Nagy said.
The order-routing department at TD Ameritrade will report to the company’s brokerage operations group, while members of the firm’s legal team who handled government relations responsibilities with Nagy will continue managing that area, Kim Hillyer, a spokeswoman for TD Ameritrade, said in an e-mailed statement.
“He helped build our order routing and market data infrastructure from the ground up and has served as a voice for retail investors on countless regulatory and market structure- related issues,” Hillyer said of Nagy. “He has incredible energy and passion for this business -- and for helping the ‘little guy’ find a place at the table, or in the markets.”
Nagy said he joined TD Ameritrade in 1999 as a trading manager responsible for day-to-day operations. As the business grew, so did the company’s voice in the market and his own role, he said. Nagy said he was vice president of trading at U.S. Bancorp Piper Jaffray before moving to TD Ameritrade. He started in the securities industry at Shearson Lehman Brothers prior to the 1987 market crash.
Nagy said he plans to take a few months off and begin consulting around September.
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