| July 26
July 26 A veteran of Chicago's agricultural
markets has come out of retirement to become the new leader of
high-speed U.S. trading firm Infinium Capital Management, three
people with knowledge of the situation said on Friday.
George Hanley, a co-founder of Infinium who went on to run a
separate trading firm, has taken the helm from founding
principal and chairman Charles Whitman, the people said. They
declined to be named because the firm has not made a public
announcement about the change.
Neither Whitman nor Hanley could be reached for comment.
Gregory Eickbush, chief operating officer for Infinium, said
he was "not in a position to comment at this time."
The circumstances of the management change were not clear,
but one source inside the company said the change is expected to
High-speed trading firms face increased competition and
regulatory oversight, low interest rates that have hurt volume
and volatility, and the uncertain global economic recovery.
A favored tool of hedge funds and other institutional
traders, high-frequency trading accounted for more than 60
percent of all futures volume in 2012 on U.S. exchanges like the
CME Group Inc and IntercontinentalExchange Inc,
according to New York industry researcher The Tabb Group.
Privately held Infinium is a household name in Chicago's
trading community. The firm trades in commodities, energy and
CME Group in November 2011 fined Infinium a total of
$850,000 for three separate computer malfunctions that rattled
futures markets in 2009 and 2010.
Hanley founded his trading company, Hanley Group, in 1984
and sold it to INTL FCStone in 2010, according to
His company had "a long history of commitment to the
agricultural markets" and was a "leading provider of complex
over-the-counter structured products tailored for commercial
users," according to a news release announcing the deal.