Discussion in 'Prop Firms' started by tdoc, Nov 8, 2003.

  1. tdoc


    Echo press release today:


    CHICAGO, Illinois - November 7, 2003 - ECHOtrade's Board of Directors today announced the appointment of Jeffrey DeWit as its new CEO. DeWit, former CEO of ECHOtrade, will be returning to his previous position. Vito Sisto, CEO since an August 2002 merger, will remain with the company as a full-time trader.

    "In recent months, a closer relationship with Pax Clearing Corporation has allowed us to offer not only the best service and software as we have always done, but now also the most competitive rate structure in the industry for off-floor professionals," stated DeWit. "I am excited about the change and proud to be resuming my previous role in the company. We are continuing to grow even though the market has been going through a challenging time. This is an exciting time for ECHOtrade and our traders, and as the market seems to be growing legs again, I predict an even brighter future."

    DeWit was a member and floor trader on both the Chicago Mercantile Exchange and Chicago Board of Trade, as well as the founder of ECHOtrade and CEO prior to the merger with Van Buren Securities in 2002. For the last year, he has served as the firm's managing director in charge of developing the new suite of trading software products ECHOtrade is in the process of rolling out, as well as future trading platforms slated for integration in the first quarter of 2004.

    ECHOtrade is a professional trading firm dedicated to the needs of the serious, off-floor trader.* While only professional traders may open an account, the company also sponsors new traders interested in obtaining their Series 7 license to pursue trading with the company. ECHOtrade has trading offices nationwide and offers full connectivity for remote traders. For more information, visit or call 866-700-ECHO.

    Any ECHO traders out there who know what this is about?

  2. tdoc


    I was just wondering if this is just a routine change, or is there a shakeup going on?
  3. "as well as future trading platforms slated for integration in the first quarter of 2004. "

    Whats on tap platform wise for echo? I have heard chatter that a couple of firms are stepping up with new stuff (platforms/tools) in 04.

    Echo seems to have stepped it up recently technologywise.
  4. So Vito will not even assume any leadership position? strange if not...

    What about Rob Keller?
  5. tdoc


    Rob is apparently keeping his present position "Head of Trader Relations" (or something like that). What's odd, is that the press release doesn't mention if Vito will continue to be in charge of the training program. No training sessions were broadcast the entire week last week. I wonder if the CEO change also means that the firm headquarters will be moving back to Phoenix from Chicago.
  6. Jeff back in, Vito out...sounds like Vito wants to get back to trading full time.

    Welcome back Jeff....good luck to Vito!!

    Stay in touch!!


    (Our "spies" were right, and yes, I can keep a secret, but not for too long)....LOL

  7. bro59


    My impression was that Vito was much more the businessman than the trader. Guess I've been in error on this.
  8. Is there no more to this story?

    I was hoping to see alot more posts on this topic. Why the change? Will this effect traders?

  9. Vito is an excellent trader. I took his course and you can make $$$ with it. I saw him do it first hand, as well as a few guys in teh room . DOING SO however, is a challenge. There is a learning curve that lasts a few months, and I havent been able to master it yet..

    The key is limiting risk AT ALL TIMES, the one trade you dont, you give back your entire day..
  10. tdoc


    I agree, Vito is an excellent trader. I wonder if anyone has some ideas (or preferentially some inside knowledge) as to why he is no longer CEO, and what this means for ECHO and its traders?

    #10     Nov 11, 2003