Brut Europe wins FSA approval for London operation
15 March 2002 | 2640 views | 0
Brut has received regulatory approval from the UK Financial Services Authority to operate a European division of its electronic communications network (ECN).
Based in London, Brut Europe will initially offer trading in US securities to institutions and broker-dealers.
The ECN has appointed Stuart Adams as director for international sales, to establish the division's presence and spearhead its drive into Europe. Before joining Brut, Adams was institutional business director at MarketXT, and previously sales director for Instinet Global Services.
Brut has also hired Paul Willis as finance and compliance officer in London with responsibility for regulatory compliance, building of standard operating procedures, financial control and other operational matters. Previously, he worked at Fortis Clearing London and KPMG.
Richard Schenkman, chief executive officer of Brut, believes the company's business model, aimed at preserving the relationship between brokers and investors, will stand up well in Europe. He says: "Brut provides a solution through its unique sponsorship programme whereby a portion of commissions can be repatriated back to an institution's chosen broker. This gives clients all the advantages of electronic trading while simultaneously preserving the fundamental relationship between institutions and brokers."
Brut is owned and supported by 26 Wall Street firms.