When Legent Clearing launched an execution service this past September, it was a sign electronic trading is spreading to smaller clearing firms, and that the Davids are competing with the Goliaths. Omaha, Neb.-based Legent hired a team of 15 people to service clients, tapping Bill McGowan, a veteran of institutional trading, to run the business, called Legent Execution Services. "We consider it all part of the grand scheme of providing financial services," explains William Zelasko, Legent Clearing's president and chief operating officer. While Legent is considered a "newcomer in the heartland with a niche in servicing small- to mid-size broker/dealers and (correspondents)," says Zelasko, it's branching out into die electronic-trading arena. Altogether, the firm is handling about 30,000 trades a day from the execution service and correspondent-clearing side.
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