Changes at the top of the technology stack at BGC Partners have seen the departure of Eric Hirschhorn, CIO, and the hire of Paul Reidy, formerly COO at CboeFX Global Markets, as senior managing director, head of brokerage technology, sources familiar with the matter say, adding that the former co-head Steve Sadoff has assumed sole responsibility as CIO.
Hirschhorn joined BGC in New York in 2014. Prior to this, he was at Bank of America, where he spent three years as global head of rates and FICC e-trading technology. Among other stints, which included a year at Morgan Stanley as CTO for fixed income, Hirschhorn worked at Citi, where he served as global head of FX technology, global head of electronic credit technology and head of fixed income retail technology. Prior to that, he spent six years at Lehman Brothers, where he was global head of FX e-trading.
At Cboe, Reidy served as COO since mid-October 2017. Prior to this, he had been working for the platform as head of FX technology.
Cboe confirms Reidy left in March. “We thank Paul for his contributions to Cboe FX over the years and we wish him all the best in his future endeavours,” says a spokesperson.
Following Reidy’s departure, Jon Weinberg has been promoted to head of FX for Cboe Global Markets. Weinberg was previously global head of FX sales, product and liquidity analytics.
Based in New York, Reidy had been with CboeFX since its predecessor HotspotFX was acquired by Knight Capital Group (KCG), a company that he joined as a managing director in 2005. In 2015, the platform was acquired by Bats Global Markets, which in turn was acquired by Cboe, which renamed the platform.
Prior to joining KCG, Reidy worked in fixed income electronic trading at Bloomberg for four years as a software developer for Bondbook ECN and as a sales engineer at Kabira Technologies. Reidy also spent four years working for Merrill Lynch as a vice president, working as a software developer for the firm’s repo trading system.