TradeStation to add securities lending to Its offering
21 September 2010 New York
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TradeStation Securities, Inc. today announced the hiring of Robert Sackett to start up and lead the securities lending department of, and co-head, its TradeStation Prime Services division.
"Securities lending services are a critical component of our plan to build a first-class prime brokerage offering to small and mid-sized hedge funds and other buy-side traders who can no longer receive important prime brokerage services directly from the large firms," said Salomon Sredni, CEO of TradeStation Group, the parent company of TradeStation Securities. "We believe TradeStation's position as a self-clearing broker-dealer serving this market allows it to offer a more compelling value proposition compared to other firms that cannot directly provide custody, clearing, settlement and securities lending and must instead rely on the large firms to which they introduce all of their accounts."
"We believe Rob's 15 years of experience and relationships in securities lending will allow TradeStation to compete effectively in a market that continues to see industry fragmentation and where small to mid-sized buy-side institutional traders continue to seek prime brokers capable of directly delivering to them basic, critical prime services," added Lance Baraker, Senior Managing Director and co-head of TradeStation Prime Services.
Sackett is leaving his position of Managing Director at Citigroup Global Markets Inc. to join TradeStation Prime Services as Senior Managing Director and co-head of the division. He has over 15 years of securities lending experience at Citigroup and its predecessors, and has been a NYSE-approved Securities Lending Representative since 1995 and a NYSE-approved Securities Lending Supervisor since 2002. He is scheduled to begin his employment with TradeStation after the Thanksgiving holiday, following the expiration of his 75-day garden leave period with Citigroup. TradeStation Prime Services expects to begin offering securities lending services in the 2011 first quarter.
"Securities lending services are a critical component of our plan to build a first-class prime brokerage offering to small and mid-sized hedge funds and other buy-side traders who can no longer receive important prime brokerage services directly from the large firms," said Salomon Sredni, CEO of TradeStation Group, the parent company of TradeStation Securities. "We believe TradeStation's position as a self-clearing broker-dealer serving this market allows it to offer a more compelling value proposition compared to other firms that cannot directly provide custody, clearing, settlement and securities lending and must instead rely on the large firms to which they introduce all of their accounts."
"We believe Rob's 15 years of experience and relationships in securities lending will allow TradeStation to compete effectively in a market that continues to see industry fragmentation and where small to mid-sized buy-side institutional traders continue to seek prime brokers capable of directly delivering to them basic, critical prime services," added Lance Baraker, Senior Managing Director and co-head of TradeStation Prime Services.
Sackett is leaving his position of Managing Director at Citigroup Global Markets Inc. to join TradeStation Prime Services as Senior Managing Director and co-head of the division. He has over 15 years of securities lending experience at Citigroup and its predecessors, and has been a NYSE-approved Securities Lending Representative since 1995 and a NYSE-approved Securities Lending Supervisor since 2002. He is scheduled to begin his employment with TradeStation after the Thanksgiving holiday, following the expiration of his 75-day garden leave period with Citigroup. TradeStation Prime Services expects to begin offering securities lending services in the 2011 first quarter.
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