Wall Street Access, a New York-based brokerage firm, plans to become the first market maker on New York Stock Exchange's new electronic bond trading platform. The brokerage last week launched its own electronic bond trading platform for U.S. Treasuries, agencies and corporate bonds, but wants to expand its business further once NYSE launches its platform this fall. "Right now, our platform is plugged into NYSE's system and all we're waiting for is NYSE getting approval," said Rich Lee, newly appointed head of the fixed income operation. NYSE has been enhancing its Automated Bonds System with new technology from NYSE Arca since March (WSL, 3/3). "Once there is a centralized place for trading corporate bonds, the market will grow tremendously," Lee added. To support the business, Wall Street Access will add three or four traders to its four-trader desk over the next half a year. In sales, it hopes to bring on eight or nine people by month's end, Lee said. Lee joined from Mellon Securities, where he was managing director of fixed income trading and sales. Mellon officials did not return calls.

In equities, the firm will over the next two weeks hire a small-cap research analyst and an agricultural equipment analyst on the heels of hiring Bernard Picchi, oil and gas analyst from Lehman Brothers, last week. Eric Alexander, president of institutional services, declined to name the analysts being hired ahead of a company announcement. The firm currently has eight senior analysts. Other hires to be expected in the coming months include medical devices and technology analysts to fill out the one-analyst healthcare research department. "We are also identifying other areas where there are opportunities for growth," he said. Picchi and a Lehman spokeswoman did not return calls.