Jeff Wecker was named CEO of Townsend Analytics (TAL), the Chicago-based direct-access trading platform acquired by Lehman Brothers in December. Previously, Wecker was global head of electronic client services for Lehman Brothers. In his new role, Wecker is tasked to "run the business, make it a lot more profitable and grow the franchise," he says.

One of Wecker's current priorities is Project SPRITE, an initiative to support equities and bonds trading. "It's basically all the tools and technology to operate your own crossing engine, ECN or exchange," Wecker explains. "It's been designed with heavy exchange users and tolerances in mind. We have the track record with success, having built this before with one of the premier exchange platforms," he says, noting that TAL provided much of the technology in the early days of the Archipelago ECN.

Wecker joined Lehman six and a half years ago to create the firm's electronic commerce and connectivity platform. "My focus was to create the electronic brokerage platform for the equity franchise," he relates.