Alfred R. Berkeley III

Al has over 30 years of experience in the financial industry. Prior to joining Pipeline, from June 1996 until August 2003, Al served as President and then Vice-Chairman of The Nasdaq Stock Market, Inc. Before Nasdaq, Al was a Managing Director of Alex. Brown & Sons, a leading investment bank. Al co-founded Alex. Brown’s Technology Group in 1975. The Technology Group completed about 500 financial offerings for clients while he was associated with the Alex. Brown. Al is a graduate of the Wharton School of Finance of the University of Pennsylvania (MBA) and the University of Virginia (BA). He served as an officer in the United States Air Force.

Fred J. Federspiel

Fred Federspiel is the President and founder of Pipeline Trading Systems, a rapidly growing independent and anonymous large block trading venue. Fred earned a PhD in Experimental Nuclear and Particle Physics from the University of Illinois at Champaign/Urbana, and then worked at Los Alamos National Laboratory as a nuclear physicist. Fred became very interested in understanding how market structure impacts the ability to efficiently trade large orders while working at the Bios Group, a complexity science consulting firm founded by Ernst & Young. This interest culminated in the founding of Pipeline in 1999, and ultimately in the launch of the Pipeline block trading platform on September 9th, 2004.

E. Reid Curley

Reid has over 15 years of experience in Investment Banking, Corporate Finance and Private Equity. Most recently he started and was the head of Equity Private Placements for Wachovia Securities. Prior to Wachovia, Reid served as a Director for Deutsche Banc Alex. Brown in its Private Equity Group. While at DBAB and Wachovia, Reid raised over $450 million in capital for both private and public companies in a number of sectors including technology, business services, healthcare, consumer and specialty finance. Reid has also worked in investment banking for Salomon Brothers and as a lender to the communications sector for First National Bank of Maryland. Reid earned his MBA from the University of Virginia’s Darden Graduate School of Business where he graduated in the top 5% of his class. Reid holds his Bachelor of Arts from the University of Pennsylvania and is a Chartered Financial Analyst.

Howard Engelhart

Vice-President, Director of Engineering

Howard has 10 years experience designing distributed software systems for the financial and telecommunications industries. He joined Pipeline in 2000 and worked to develop Liquidity Tracker, a system that allowed firms to target market makers based on recent trading activity. Following the successful integration of Liquidity Tracker into NASDAQ’s SelectNet ECN, Howard went on to build BlockLink, a block trading network platform for enabling individual brokerages to use their proprietary trade data to route Liquidity Tracker orders to their customers. Prior to joining Pipeline, Howard served as Senior Software Engineer for Mail.com where he created back-end software for their global Business Messaging Service (BMS). Howard received his Bachelor of Arts from Rutgers College.

Michael F. Hayes

Vice-President, Executive Director of Sales and Client Services

Michael brings 20 years of management experience to Pipeline. He is responsible for all client-facing activities, including sales, implementation and training, account management, and client support. Michael was most recently Global Director, Electronic Connectivity and Strategic Alliances for Charles River Development. His prior experience includes sales and marketing leadership roles in several technology companies, as well as Division Officer on a Nuclear-Powered Submarine in the U.S. Navy. Michael has a BS in Computer Science and Math from the University of Notre Dame, an MS in Engineering from MIT, and an MA in Business from Tufts University's Fletcher School of Law & Diplomacy.

Douglas A. Patterson

Doug has over 28 years experience in line operations, marketing, sales and research. Most recently, he served as President and CEO of Community of Science, Inc. (COS), the leading internet website for the global R & D community facilitating the business of R&D worldwide. Prior to COS, Doug was Senior Vice President and Chief of Staff at the NASDAQ Stock Market, Inc. He served as the General Manager of the NASDAQ/Bios R & D Joint Venture LLC. While with NASDAQ, Doug was in charge of bringing all new company listings to NASDAQ, including IPO’s and spin-offs, and was responsible for over one-third of NASDAQ’s $700 million in gross revenue. Prior to NASDAQ Doug served as Vice-President of Patient First, the largest provider of primary medical care in Virginia. Before joining Patient First, Doug worked as Vice-President for Rabbit Software Corporation, a leader in IBM mainframe to personal computer connectivity. Doug was in charge of marketing, advertising, public relations, human resources, and administration. Doug has served extensively in the United States Air Force. He flew 356 combat sorties in Vietnam and is a graduate of the USAF Air War College. Doug graduated from the University of California – Berkeley with a B.S. in Chemical Engineering. He earned his MBA in finance and marketing from Southern Illinois University, graduating first in his class.

Henri Waelbroeck, Ph.D.

Vice-President, Director of Research

Henri has over 20 years experience finding solutions to complex problems. He earned his PhD at the University of Texas at Austin in 1990. He worked at the Institute of Nuclear Sciences for 10 years, where he earned a tenured position as Associate Research Professor and published over 40 articles in peer-reviewed journals in Theoretical Physics and Complex Systems Science. In 1997 he co-founded Adaptive Technologies, Inc which created and sold the world’s first agent-based quantitative analysis system able to identify and exploit predictability bubbles. Henri joined Pipeline shortly after its launch in 1999 where he helped create systems that enable traders to confront the challenges of an increasingly complex marketplace. He is currently focused on Pipeline’s Algorithm Switching Engine, designed to provide optimal integration of block trading with access to dark liquidity interceptor pools and retail-sized markets to reduce information costs in executing large trades.