Securities and Exchange Commission Chairman Mary Jo White is considering to appoint top Charles Schwab Corp. (SCHW) executive Jeff Brown, who runs the firm's Washington office, to lead the agency's trading and markets division, the Wall Street Journal reported Tuesday.
Robert Cook stepped down as head of trading and markets last year, and John Ramsay has been serving as an interim director. White and Brown are said to have met privately last week to hold discussions.
The SEC unit oversees trading firms and stock exchanges. It is also responsible for implementing key parts of the 2010 Dodd-Frank law.
Brown began his career as an options trader at the Philadelphia Stock Exchange. He later became a member of the exchange's board of governors. He also managed his own options-trading firm. He also served as a top official at the Cincinnati Stock Exchange.
At Schwab, Brown has helped oversee several legal and compliance matters. In the 1990s, he worked as a senior counsel within the trading and markets division.
White is said to have approached other individuals also for the top job, including Chris Concannon, an executive at a trading firm. However, Concannon finally decided not to leave his New York-based firm.
SCHW closed up 3.3 percent on Tuesday at $18.75.
For comments and feedback: editorial@rttnews.com