Surge Trading, a New York-based broker-dealer, has launched plans to being market-making operations, subject to FINRA approval.
Surge Trading will provide trade execution services and act as a conduit to liquidity sources such as exchanges, ECNs and dark pools. Surge Trading is led by CEO Frank Petrilli who was previously CEO of TD Waterhouse.
Surge Trading will leverage the market-making assets Bernard L. Madoff Investment Securities former business. This includes the firm's proprietary trading platform and technology systems that were acquired by Surge Trading this week.
In a statement, Petrilli said, "I am proud to be working with this team of seasoned, dedicated and client-focused specialists, and together we will build a performance-focused organization. Our superior client-services offering, coupled with our market-making engine, will provide our clients with considerable advantage as they work to manage their customers' order flow."
In addition to hiring key personnel from the former Bernard L. Madoff Investment Securities business, Surge is hiring additional market-making specialists on its trading, technology and compliance teams. Surge Trading was previously known as Castor Pollux Securities.
