Our Company



Our Company


Our Company

HTD has been in business since September of 1965. Early on, the firm realized that the Municipal bond business was conducted regionally by a relatively small number of brokers. To this day, local factors continue to play a major role in the distribution and marketing of municipal securities. With this in mind, JF Hartfield began to open branch offices that were located in cities that were home to Federal Reserve Banks. Over the years, additional offices were opened and existing ones re-located or combined in response to the shifting demographics of the Municipal Securities industry. Throughout this time, HTD has continually provided this blend of national coverage at a regional level in the secondary Municipal market.

In 1999, JF Hartfield merged with Titus & Donnelly and has leveraged the strengths of both with material investments in trading system technology, expanding its leadership position and presence in the market. Today our customers range from single-person offices in suburban or rural locations to large trading desks in metropolitan cities with each receiving equal coverage and access to the liquidity that is aggregated by HTD. HTD's six office locations supported by more than 50 brokers creates one of the largest and most geographically diverse brokers in the industry and commands a major share of secondary market interdealer trades.

HTD benefits from a rich history which has helped us forma strong future serving our clients.


Our Mission

HTD understands that our success is inexorably linked with that of our clients and dedicates its resources to serving them with the utmost professionalism of staff, the performance of our technology, and the character of our leadership.

Our Team

Frank O'Brien | Chairman of The Board

After attending Boston University and completing his military service in the US Marine Corps, Frank came to Wall St. He spent the first nine years of his career at the Irving Trust before being hired by Fred Hartfield as the 5th employee of the firm.

Frank's career in municipal securities spans six decades, during which, he has steadfastly been at the forefront of an ever evolving market. Frank served the industry for many years as his firm's representative for membership in both the Public Securities Association and Bond Market Association. During that representation, he served terms as chairman of the Broker's Committee, and member of the Executive Committee.

Frank's interest also include various charitable organizations, including the Irish American partnership, where he serves as both board member, and as a member of the executive committee

Ronald Purpora | President

Ron joined Hartfield Titus and Donnelly as an equity partner in May 2010. Prior to joining HTD, he completed a 33 year career at ICAP North America, a wholly owned subsidiary of ICAP plc, and a publicly listed company in the UK. ICAP is widely regarded as the world’s largest inter-dealer broker. Mr. Purpora’s various service at ICAP included roles as co-CEO, President, and COO of North America. He also served as a member of the Board of ICAP North America, the Global Executive Management Group, and CEO of First Brokers Securities, a corporate bond brokerage subsidiary of ICAP plc.

Mr. Purpora has been active in a number of industry related organizations, including board member of the Bond Market Association, Gov-PX, and board member/executive committee member of DTCC.

Mr. Purpora’s work in charitable organizations includes; board member of Richmond University Hospital, and Chairman of The Heart Institute of New York

Edward J. Smith III | General Counsel

Ed joined Hartfield, Titus & Donnelly in January 2013 and is the General Counsel, Chief Compliance Officer and Corporate Secretary of the firm.

His responsibilities include the management of Administration, Compliance, Legal and Human Resources.

Prior to joining HTD, he was employed at ICAP North America as Associate Regulatory Counsel and Chief Compliance Officer of ICAP Securities USA LLC, ICAP Electronic Broking LLC and First Brokers Securities LLC, three of ICAP’s four US-based broker dealers. Before working at ICAP, Mr. Smith was employed at Morgan Stanley & Co., Inc. where he covered Corporate Credit Compliance in the Institutional Fixed Income Division.

Mr. Smith currently serves on the Municipal Securities Broker’s Brokers and Municipal Legal Advisory Committees at the Securities Industry and Financial Markets Association (SIFMA).

Joseph (Jay) Caldas

Jay began his career in Municipal Bond Brokerage in 1976 at Titus & Donnelly's back office. He worked at Drake and JJ Kenny Drake before moving to Hartfield.

Mr. Caldas worked on and managed desks across various market sectors including Bid Wanted, General Markets, Long End, New York, High Yield and Situations. In 1999 he moved from the desk to design and implement HTD's web based trading system He is currently responsible for all aspects of HTD's online presence and their internal trading system as well as marketing and business development.


Paul Emanuel | Senior VP and National Brokering Manager

Paul has more than 15 years of experience in the Inter-dealer broker market.

In his position as Senior VP and National Brokering Manager, Mr. Emanuel is responsible for the direct oversight of over 50 brokers in 6 branches located across the country.

Prior to joining HTD, Mr. Emanuel attended Syracuse University where he received an athletic scholarship. He graduated with a major in Economics and minors in both Philosophy and Math.

Paul has been actively involved with various charities including Children International, Wounded Warriors and the Maxcure Foundation which benefits pediatric cancer. He has also been involved within the Greek Orthodox Church



Chris Ferreri | Chief Operating Officer

Chris joined Hartfield, Titus and Donnelly following a three-decade career with ICAP, plc. He brings HTD a unique combination of a deep understanding of the Interdealer Broker space and the technological nuances of electronic trading. He has been a pioneer in electronic brokerage with experience in business development, product positioning, systems design, development and deployment. Chris is best known for his leadership in the area of financial market evolution and for his capacity to analyze, strategize, educate and advocate for changes at the firm-wide, nation wide, and even global markets-wide levels. The trading model that he helped to design remains the predominant trading platform for the interdealer fixed income market across the globe. In addition to the senior executive positions at ICAP, he serves on Advisory Boards for the Stevens Institute of Technology School of Systems and Enterprises and their Financial Systems Center. He was a founding member and three-term Chairman of the Wholesale Markets Brokers Association, Americas, as well as a long-time mentor with the Columbia University Executive Masters in Information Technology program.