Cantor Fitzgerald, the brokerage firm, has appointed a chief ethics officer in what the firm said was an effort to reaffirm its "strong commitment to business ethics and integrity".
The move follows recent criticism by activist shareholders of the group's governance and the upholding of a court ruling in which a judge said Cantor had made deceptive statements.
While compliance officers have a high profile on Wall Street, ethics officers are less prominent. In the corporate world at large, recent appointments at US companies have tended to follow apparent lapses.
Cantor said it had appointed Paul Pion, a senior managing director who joined the firm in 2002, to the new post. Mr Pion will report directly to Howard Lutnick, chief executive of both Cantor and its electronic broking affiliate eSpeed, and Lee Amaitis, co-chief executive of BGC Partners, the voice brokerage operation that Cantor is planning to float on Nasdaq.
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