Single stock futures exchange NQLX lost another senior staff member last week when Patrick Fay, svp of business development, resigned. The exchange also announced it was dropping almost a third of its contracts.
Fay will be replaced by Pat Read, who formerly worked for him. The past month has been tumultuous for NQLX, with the resignation of ceo Tom Ascher and layoffs of seven other staff members in early November. Robert Fitzsimmons, who was serving as NQLX president and chief operating officer assumed the ceo position and shared some of those responsibilities with Fay. Sources close to NQLX said Fay decided to leave the exchange for a steadier opportunity elsewhere, though it is not known where he will move.
But executives of NQLX's...