By Jacob Bunge
CHICAGO--The chief technology officer of Getco LLC has departed
the electronic trading company amid an expansion plan outlined by
the firm's new chief executive, focused on developing new
businesses.
Michael Rauchman had served as Getco's chief technology officer
since 2010 and previously led trading operations in stocks and
currencies since joining the high-frequency market maker in
2001.
Chicago-based Getco ranks among the biggest participants on
exchanges and trading venues around the world, numbering among the
top-five traders by volume on platforms run by CME Group Inc.
(CME), NYSE Euronext (NYX), Nasdaq OMX Group Inc. (NDAQ) and
Deutsche Boerse AG (DB1.XE, DBOEF). The company relies on computer
models to make two-sided markets, buying and selling securities and
earning profits on the price spread.
A spokeswoman for Getco confirmed Mr. Rauchman's departure, and
said that the firm is considering candidates for the chief
technologist role.
Mr. Rauchman left Getco following a leadership change in late
February that saw Daniel Coleman, previously head of equities
trading and client services, take over as CEO from co-founders
Stephen Schuler and Dan Tierney, who moved into senior leadership
roles at the 13-year-old company.
Since joining Getco from UBS AG (UBS) in 2010, Mr. Coleman has
led a push to sell trading services and technology to mutual funds
and other institutions, a new arena for Getco. The fast-trading
firm is also broadening the way it trades, holding securities for
longer periods and managing a greater level of risk than it has in
the past.
Prior to the chief technology officer post, Mr. Rauchman was
co-head of U.S. equity trading for about a year and also led
Getco's push into foreign-exchange markets in 2005.
Write to Jacob Bunge at jacob.bunge@dowjones.com