The market-making portion of Bernard Madoff's business, which he ran for years alongside the Ponzi scheme for which he has been convicted of fraud, has been relaunched under the name Surge Trading.
The business will be led by Frank Petrilli, former chief executive of TD Waterhouse, and will provide financial institutions, including broker-dealers, with access to trade execution services and exchanges.
It is envisaged that the company will become a market-maker in equities listed on Nasdaq and the New York Stock Exchange. The company has no intention of resurrecting the investment management side of Mr Madoff's business, which was the Ponzi scheme.
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