The appointment was made after an exhaustive nationwide search. The search was promoted by the previously announced retirement of John Giesea, who has served in the position for the last decade.

Mr. Toes has over 25 years experience in the securities business, the last 17 of which were at Bank of America Merrill Lynch. Most recently, Mr. Toes was a Senior Relationship Manager at Broadcort, a division of Bank of America Merrill Lynch. Broadcort provides execution, clearing and financing services to broker dealers for U.S and International equities and options. Prior to Broadcort, Mr. Toes held various senior sales, trading, and management positions at Merrill, and has experience with both the buy- and sell- sides - including retail, broker-dealer, middle market, and institutional clients.

Mr. Toes is a past President of the Securities Traders Association of New York (STANY) and a former Governor and Secretary of the STA National. Over the course of his career, Mr. Toes has served on various market structure committees and has testified before Congress. He was particularly active in the STA's successful work on Section 31a fees.

Besides possessing a knowledge of market structure and the business models deployed across the industry, Mr. Toes brings with him an understanding of the STA organization and the vital role its 27 Affiliate organizations and 4,200 members play in the success and mission of the Association. The STA serves as the voice of individual equity traders and represents their interests in advocacy, education, and networking.

Mr. Toes Jim lives in Manhasset, Long Island with his wife, Jeanine Padala-Toes, a former head of equity sales trading at Prudential Bache. They have 4 children.

Said Joseph Cangemi, STA Chairman: "For over 75 years the STA has served the interests of individual traders - those who fuel the U.S. economic engine each trading day. Today's trading and today's trading environment - owing to chao changes in market structure, global reach, regulatory activism, hypercompetition, and technology - are more complex than they have been historically. Now more than ever, the insights and guidance of traders needs to inform the conversation regarding industry and regulatory developments. Jim understands the challenges the industry faces and the contributions traders make now and are poised to make in the future. As we move STA forward, the breadth and depth of his experience and expertise will serve each of our members, our Affiliates, and our industry well - both in achieving our 2011 and long term goals. We are gratified that he has taken on the Presidency and his contributions will join those of a distinguished list of past presidents. We are appreciative of the service and contributions of John Giesea to our Association and to the industry. His dedication to STA is unparalleled."