Michael is an equities and options industry veteran, and a former exchange specialist with more than 25 years experience in the areas of on and off-floor trading, order broking, risk management, trading systems development, and trade operations. Over the course of his career, Michael has been a member of the NYSE, Philadelphia Stock Exchange, Chicago Board Options Exchange, and the New York Mercantile Exchange.
From 1982 to 1984, Michael was a principal of D.H. Wallach & Co., an options specialist firm on the Philadelphia Stock Exchange. In 1984, he co-founded Meehan & Wallach, Inc., an options specialist firm with membership on the NYSE, and subsequently, joint venture partners with Mercury Trading Inc., members of the Chicago Board Options Exchange.
In 1994, Michael was elected a partner of NYSE specialist M.J. Meehan & Company and served in that role until 1997. Thereafter, he was recruited to serve as Chief Operating Officer for one of the New York Mercantile Exchange’s largest trade clearing/proprietary trading firms. From 2004-2008, Michael was principal, Senior Managing Director and Chief Operating Officer of a minority-owned institutional brokerage. Michael holds the Series 4, 7, 24, 63 and 65 licenses.
Email: mwallach@WallachBeth.com
David began his professional career as a public accountant with J.H. Cohn & Company and soon thereafter, pursued a career within the securities trading/brokerage industry. David arrived at the American Stock Exchange in early 1987, where he ran the trading booth operations for a brokerage enterprise that serviced leading banks, b/d's, hedge funds, institutions, and many of the option industry's premier trading firms.
From 1989-1997, David was a principal of American Stock Exchange member firm(s) that specialized in market-making and proprietary trading. In that role, David managed trading teams, portfolio risk, and operations. In late 1997, David was recruited to serve as a Director at CIBC World Markets, where he oversaw proprietary trading, multi-asset class arbitrage, and equity option trade facilitation.
Returning to the AMEX in 1999, David became a pioneer by introducing direct access brokerage to premiere hedge funds and institutional customers. He created and managed a brokerage operation that executed a significant percentage of AMEX daily option volume. David holds FINRA Series 4, 7,9,10, 24 and 63 licenses.
Email: dbeth@WallachBeth.com
