Alternative trading system Brut has appointed John Palazzo as vice president and head of its institutional business.
Palazzo is charged with spearheading the growth of Brut's institutional business; managing the firm's institutional sales force; developing relationships with the institutional clients of its broker-dealer partner firms; and overseeing the company's Sponsorship Programme.
The programme seeks to unify market participants by enabling institutional investors to trade electronically via Brut, repatriate a portion of the commission dollars to a sponsoring broker-dealer of their choice - and thereby retain the valuable services, such as research, their broker provides, says the company.
Richard Schenkman, CEO, Brut, comments: "John has the perfect balance of expertise with respect to the electronic markets, and the leadership and relationship-building skills that will be critical as we continue to strengthen our institutional offering."
Palazzo joins Brut after 15 months as co-president of Tradescape Technology Holdings. Previously he was co-head of global sales and account management at Instinet.