Find out how stock-trading REALLY takes place today, and the damage it has done to capital formation.
Sal Arnuk is partner, co-founder and co-head of equity trading of Themis Trading LLC, a leading independent agency brokerage firm that trades equities for institutional money managers and hedge funds. Arnuk has extensive experience in equities trading and is an expert in electronic trading and market structure.  Prior to founding Themis in 2002, he was with Instinet Corporation, where he headed the team responsible for equity sales and trading for institutional money managers, for more than 10 years.

His opinions are sought by leaders, regulators, market participants, and the media, and are presented via white papers and Themis’ widely-read blog. He is a frequent speaker at industry conferences, such as Trader Forum, Waters, National Organization of Investment Professionals (NOIP) and Fusion IQ's Big Picture, on issues involving market access, algorithmic trading and other sell- and buy-side concerns.

He also provides expert commentary for media outlets such as the Associated Press, BBC Radio, Bloomberg TV & Radio, BNN, CNBC, Fox Business, NPR, Barron’s, The New York Times, The Wall Street Journal, USA Today, Time, Los Angeles Times, Bloomberg News, Pensions & Investments and Advanced Trading.

Arnuk earned an MBA in Finance from New York University’s Stern School of Business and a Bachelor’s Degree in Finance from SUNY Binghamton University.


Joseph Saluzzi is partner, co-founder and co-head of equity trading of Themis Trading LLC.  Saluzzi has extensive experience in equities trading and is an expert in electronic trading and market structure.  Prior to Themis, he headed the team responsible for equity sales and trading for hedge fund accounts at Instinet Corporation for more than nine years.

Saluzzi has provided analysis to regulators, including the Securities and Exchange Commission and as a member of the Commodity Futures Trading Commission’s new Subcommittee on Automated and High Frequency Trading.

He has appeared or been quoted on market structure issues by media outlets such as CBS’s 60 Minutes, BBC Radio, Bloomberg Television & Radio, CNBC, Fox Business, BNN, The New York Times, The Wall Street Journal, USA Today, Reuters, Associated Press, Los Angeles Times and Bloomberg News.  Saluzzi also has authored articles for Traders Magazine, Dow Jones, Journal of Investment Compliance and Journal of Indexes.

He earned an MBA in Finance from the University of North Carolina at Chapel Hill and a Bachelor’s Degree in Finance from New York University.

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