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 experience in business development, strategic diversification, recruiting and marketing. Prior to joining First New York, he owned and/or managed several trading firms including Carlin Securities where he served as a principal from 1998-2004.

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.

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.

Don Erenberg, chairman and co-founder of First New York Securities, said: “Mr Motschwiller and Mr Schenk 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.”

Mr Motschwiller said: “This is a tremendous opportunity that we are both extremely excited about. 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.”

Mr Schenk said: “We have a terrific, time tested model with a strong and stable platform and capital base from which to build. 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.”