The Merry-Go-Round

A common sentiment about this industry describes it as a revolving door—no one ever leaves, they just resurface somewhere else. It seems that no one can quite slip the grasp of market data.

That's certainly borne out by one of our front page stories. As you see on page one, Terry Roche has left HSBC, where he was head of global market data services, to join Reuters. While several sources suggested that Roche was looking to leave, his destination is at first glance surprising. After all, Roche is known as an outspoken commentator on the industry and particularly the role of the major vendors. As seen at some of our conferences, he certainly isn't afraid of criticizing them. It's also a little odd to think of him working for Jon Robson, who is one of the larger-than-life characters in the business. With his long history in the vendor community, in many ways Robson also personifies it.

On the other hand, Roche knows Reuters inside out from his years of managing market data for various user firms. He'll undoubtedly be using that knowledge in his new role, where he will be working on "strategic focus and client perspectives on Reuters' strategy and offerings." What does that mean?

Well, at least one market data executive wouldn't be happy to see Roche on a visit from Reuters. Roche may have shared confidences among his colleagues, this theory goes, and now the fear is that he'll use that against them. That's not to say that he did or that he will, but that concern certainly highlights the tension between users and vendors.

Meanwhile, another figure in the industry is also changing communities. Several sources tell us that Sally Hinds of the consultancy Capco has been hired to replace Roche. If you know Hinds' background, the choice isn't that strange, as she has spent many years on the user side—even helping to found IPUG—before moving to consultancy Buttonwood Tree and then Capco. Also not surprising: Both Hinds and HSBC decline to comment. Very hush hush, these personnel decisions.

So this particular saga bears out the old adage that people change places but not industries.

Another adage says that there is an exception to every rule. So there is in this case. A number of recent names in Herd have been able to leave the business, sources say. These include Glen Madeja, who left the Chicago Mercantile Exchange to study plant biology and conservation; Alan Parmenter, formerly of the London Stock Exchange; and Veronique Bosselin, who left Euronext earlier this summer (IMD, July 18; Aug. 8; Aug. 29). Hmm, maybe it's something about working for an exchange?

But while readers declare that a favorite part of Inside Market Data is the Herd column, it is sometimes only by luck that some moves are even discovered.

Believe it or not, there is not enough self-promotion in this industry. For example, we stumbled upon several job changes in the course of programming Inside Market Data Europe, which is why a few familiar faces aren't on the stage this time. Wherever possible, we have confirmed this information, which will then appear in Herd for your edification.

And for all those who don't think they're important enough to tell us about their move, well, you're wrong. This business, like all business, is about connections. You'd be surprised at how many people know who you are and want to know where you've moved. And hey, your mother would love to finally see your name in print, wouldn't she?

Samara Zwanger