Donald Motschwiller and Joseph Schenk to Lead First New York Securities

NEW YORK, Feb. 3 /PRNewswire/ -- First New York Securities, a diversified global proprietary trading firm, announced today that Donald Motschwiller and Joseph Schenk have been named Co-Presidents. Messrs. Motschwiller and Schenk will oversee the daily operations of the firm and be charged with further growing and diversifying the franchise. First New York currently has more than 200 traders across various asset classes including domestic and international equities, macro rates, foreign exchange, commodities, fixed income, derivatives and tax exempt bonds.  

Commenting on the appointments, Don Erenberg, Chairman and Co-Founder of First New York said, "Donald and Joe are uniquely suited to lead this company forward. They are proven leaders and they possess a complementary skill set that will benefit the organization greatly."  

"This is a tremendous opportunity that we are both extremely excited about," said Mr. Motschwiller. "In addition to continuing to ensure that we are the premier destination for the industry's best traders we look forward to launching a number of new initiatives to further diversify and grow our revenue base."  

"We have a terrific, time tested model with a strong and stable platform and capital base from which to build," said Mr. Schenk.  "We look forward to significantly expanding our business lines to capitalize on the many buy and sell side opportunities that exist in today's markets." 

Mr. Motschwiller joined First New York in 2004 and has served as a Managing Member of the firm since 2005. During his 20-year career in financial services he has proven expertise in business development, strategic diversification, recruiting and marketing. Prior to joining First New York, Mr. Motschwiller owned and/or managed several trading firms including Carlin Securities where he served as a principal from 1998-2004. Mr. Motschwiller is a graduate of Cornell University. 

Mr. Schenk has served as a Managing Member of First New York since joining the firm in March, 2009. Previously he served as Executive Vice President and CFO of Jefferies Group, Inc. During his tenure Jefferies grew to more than 2,500 employees with $5 billion in market capitalization and diversified securities trading and sales operations throughout the world.

About First New York

Founded in 1986, First New York Securities is a premier global proprietary trading firm. The firm's diverse trading business spans multiple asset classes including equities, derivatives, fixed income, foreign exchange and commodities, and is backed by a state-of-the-art technology platform. First New York is one of the few remaining classic partnerships on Wall Street and its compensation structure is designed to recognize and generously reward superior individual performance. Headquartered in New York City, with additional offices in London and Boca Raton, the firm has more than 300 employees globally. To learn more about First New York Securities visit www.FirstNY.com.  

SOURCE First New York Securities

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