Clear Street, a cloud-native financial technology firm
focused on modernizing the brokerage ecosystem, has appointed Edward Tilly as
President. Tilly joins Clear Street following a decade-long tenure as Chief
Executive Officer at CBOE Global Markets, Inc., during which he significantly
increased market capitalization from $2.0 billion to over $18.0 billion.
His leadership was marked by transformative initiatives such
as the 2017 acquisition of BATS Global Markets, Inc. and the introduction of
innovative financial products like zero-days-to-expiration options.
Executive Collaboration at Clear Street
Tilly brings experience and a proven track record of success
in managing a publicly traded company to Clear Street. In his new role, he will
collaborate closely with Chris Pento, Clear Street’s Chief Executive Officer,
to steer the firm through its next growth phase. Tilly will report directly to
Clear Street’s Board of Directors.
“I am thrilled to be joining a company whose global vision
is relentlessly customer-centric and whose technology platform is so unique.
Having spent more than thirty years in the financial markets hyper-focused on
innovation and accessibility, Clear Street has an exciting opportunity and I am
looking forward to working with Chris and his team,” commented Tilly.
Clear Street has strengthened its executive team over the
past year with other notable additions, including Atul Pawar, former head of
U.S. Prime, Clearing, FCM, and Counterparty Risk at Goldman Sachs, and Jon
Daplyn, former technology leader at Morgan Stanley.
Cboe to Close Crypto Exchange
Earlier, Cboe
Global Markets announced plans to shut down its cryptocurrency exchange by
the third quarter of 2024, as reported by Finance Magnates. The transition
will see cash-settled Bitcoin and ether futures contracts moving from the Cboe
Digital Exchange to the Cboe Futures Exchange by the first half of 2025.
This move aims to consolidate Cboe’s US futures offerings
under one platform, enhancing operational efficiency globally. Leveraging its
established derivatives franchise, Cboe intends to bolster exchange-traded
digital asset derivatives markets.
Cboe will retain ownership and operation of Cboe Clear
Digital, integrating it with Cboe Clear Europe to streamline operations and
improve client service worldwide. The company expects minimal impact on 2024
net revenue due to the closure, anticipating cost savings.
This article was written by Tareq Sikder at www.financemagnates.com.
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