ITAP’s Officers & Board Members
Officers
Ray Hally, Director of Equity, Bancroft Capital
Term: 2026 – 2027
Ray Hally is a seasoned financial professional with over three decades of experience in equity trading and currently serves as Director of Equity at Bancroft Capital. Ray began his career on the floor of the NYSE, working for Walter Frank & Spear, Leeds & Kellogg, where he spent 16 years (1992–2008) honing his expertise in market making and institutional trading. During this time, he was also a member of the New York Stock Exchange (NYSE) from 1999 to 2008. From 2010 to 2018, Ray served as Head Trader at Drexel Hamilton, where he played a key role in expanding equity trading capabilities.
Ray is deeply committed to supporting Veterans organizations. He actively volunteers with organizations such as Veterans Multi-Service Center (VMC) and New England Center and Home for Veterans (NECHV), helping advance nonprofit initiatives that serve those who’ve served. Ray graduated from University of Hartford with a Bachelor of Science in Accounting & Finance and also holds series 7, 63, and 57 licenses with FINRA.
Scott Richard, VP – Global Head of Sales & Strategy, S3
Term: 2026 – 2027
Scott Richard is VP Global Head of Sales & Strategy at S3, a full-service compliance reporting and trade analytics software company, where he is responsible for overseas business development and relationship management. Scott is a 20+ year veteran in the Financial Services Industry. His career started at CyberTrader (a division of Charles Schwab) where he led the technical support and new business development call center. Scott then moved to Nasdaq and held a variety of roles over the past 15 years, including running the Nasdaq Operations Center, selling Nasdaq proprietary Market Data, and Global Business Development and Sales for Nasdaq’s OCEAN solutions. Scott resides with his wife and two children in the suburbs of Philadelphia. He is an alumnus of the University of Texas at Austin and enjoys creating craft ice cream in his spare time. To counter the effects of the ice cream, Scott is an avid Peloton rider and workout enthusiast.
Wingate Grim, CFA, JD Group Holdings
Term: 2026 – 2027
Wingate conducts investment research and manages client portfolios for JD Group Holdings.
He is responsible for shaping investment strategies and providing the team with well-informed insights. Leveraging his experience and analytical acumen, Wingate combines a data-driven approach with a deep understanding of market psychology to navigate challenges and uncover investment opportunities for clients.
Prior to his role with JD Group, he was Head of Research at The Philadelphia Trust Company where he led equity research initiatives and worked with the Chief Investment Officer to manage the firm’s institutional portfolio. During his tenure at Philadelphia Trust, he was a contributing member of the Investment Policy Committee providing fundamental/quantitative research.
Wingate graduated from Penn State University with a Bachelor of Science in Finance. He holds the Chartered Financial Analyst® designation and belongs to CFA Society Philadelphia.
Wingate serves as Treasurer for the Investment Traders Association of Philadelphia (ITAP).
EX-OFFICIO
Christina Kowalski, Conestoga Capital Advisors
Christina Kowalski is a Partner, Head Trader, and Operations Analyst at Conestoga Capital Advisors, where she oversees equity trading and supports operational and investment processes. She joined the firm in 2019 and became a partner in 2022. Christina has more than 20 years of experience across equity trading, research, and operations, with prior roles at The Swarthmore Group and StoneRidge Investment Partners.
A former President of the Investment Traders Association of Philadelphia (ITAP), Christina continues to serve on the Board. She is also the Philadelphia-area affiliate contact for the Security Traders Association (STA) Women in Finance Committee and is an active member of the National Organization of Investment Professionals (NOIP), The Bond Club of Philadelphia, and the Women In Investing Network (WIN).
Christina holds a B.S. in Finance from Saint Joseph’s University and currently serves as Executive Vice Chair of the Board for Girls on the Run Philadelphia.
BOARD MEMBERS
Ryan Fitzpatrick, Contracting Officer, U.S. Department of Homeland Security (DHS)
Ryan is a contract negotiation specialist for DHS, where he applies his expertise in federal procurement, policy, and strategic sourcing to ensure effective and efficient acquisition of government products and services. He issues solicitations, evaluates proposals, and selects the best bid strategy to meet complex procurements, while performing detailed price and cost analysis to ensure value and accountability.
He graduated from Temple University with a Bachelor of Science in Supply Chain Management. Beyond his professional work, he is passionate about Philadelphia sports, enjoys working out, and playing golf. As a board member, he looks forward to helping sustain current networking events and applying his experience in event planning to develop new opportunities for ITAP.
David Flood – Janney Montgomery Scott, VP and Head of Exchange Traded Products
David is a VP and Head of Exchange Traded Products at Janney Montgomery Scott. Specializing in Best Execution, Order Routing and relationship management, David has over 25+ years of experience in retail trading at PHLX, Edward Jones, and The Vanguard Group. A current member of the STA Retail Advisory Committee and previous Chair, David has long established relationships across the trading community. David resides in South Philadelphia with his wife and four children where he has been a participating member of the annual Mummer’s Parade.
Judge Hug – Blackstone, SVP Equity
Mr. Hug is a Senior Vice President and has maintained responsibilities as an Equity Trader since joining Blackstone in 2014, after having previously served as an associate at The Bank of New York Mellon Corporation. At BNY Mellon, Mr. Hug served within the Managed Investments group at Pershing, LLC, a BNY Mellon Company, and BNY Mellon Wealth Management. Mr. Hug received a B.S. in Business Administration from Bloomsburg University of Pennsylvania, where he graduated Cum Laude, and an M.S. in Finance from the Fox School of Business at Temple University in Philadelphia. Mr. Hug is a CFA® Charterholder and a member of the CFA Society of Philadelphia. Mr. Hug is a member of the Investment Traders Association of Philadelphia (ITAP). Mr. Hug also holds series 7, 63, and 79 licenses with FINRA.
Jack Kimmel – ETF Global, VP Business Development
Jack joined ETF Global in January of 2023. In this role, Jack is responsible for establishing the overarching strategic direction of the firm’s data offering within the Boston, New York, and Philadelphia markets. Jack has been integral to the growth and development of the company’s ETF reference data business.
Jack and the team are currently concluding the most recent data footprint expansion to include the European- and Asian-listed Exchange-Traded Products to provide ETFG clients with comprehensive global ETP coverage.
Jack works from the company’s New York headquarters and holds a Bachelor of Science in Finance from Towson University.
Michael McGowan, Susquehanna International Group, LLP – ETF Sales & Trading
Mike McGowan is a senior member of the ETF Sales & Trading team at Susquehanna International Group, one of the world’s largest quantitative trading and technology firms. A long time Susquehanna employee, Mike started out on the PHLX in 2000 and has had various roles in the 25 years since. In his current role, Mike helps manage all aspects of client trading relationships, including execution, consultation, analytics, and business development – focusing on a diverse clientele of asset managers, wealth managers, institutions, and custodial platforms.
Brian Pears – RBC Capital Markets
Brian joined RBC Capital Markets in 2010, originally based in San Francisco, and is responsible for US west coast electronic trading sales and relationship management. In 2023 he became head of US market structure research, creating content for clients on a variety of topics. Prior to RBC, Brian was SVP and head of electronic trading platforms at JonesTrading in Los Angeles and had previously been head of buyside execution sales at NYFIX in New York. He also has experience on the buyside, as head equity trader at both Wells Capital Management in San Francisco and Victory Capital Management in Cleveland. He is a member of the National Organization of Investment Professionals, having served on its board in the past. He is also a past board member of both the San Francisco and Cleveland STA affiliates. He has written for Traders Magazine and appeared on both CNBC and Bloomberg Television.
Dylan Thompson – Product Specialist at Vanguard
Specifically focusing on ensuring Best Execution for Vanguard’s Broker Dealer arm.
Dylan has been with Vanguard for 8 and a half years that includes several years in client facing roles, trading for individual retail clients directly and presently in a middle office role where he reviews execution quality for Vanguard to ensure Vanguard’s clients are receiving the best possible execution with their Equity, ETFs, and Options orders.
Dylan graduated from Loyola University Maryland with a Bachelor of Science in Quantitative Economics and Minor in Mathematics.
Dylan is actively involved within the Philadelphia community and loves to share his love of Philadelphia and wealth of trading knowledge with others in the industry!
