Hall of Fame veteran joins Quadriserv
28 July 2011 New York
Image: Shutterstock
Quadriserv, Inc. have appointed Pasquale “Pat” Cestaro III as vice chairman. Cestaro will work closely with senior management to focus on business development and the firm’s relationships with the securities lending and borrowing communities. Quadriserv operates AQS, a central counterparty-based market that offers automated securities lending trading in over 5,000 underlying equity, ETF, index and ADR products.
“With his 30 years of experience as an operator and leader in the securities lending industry, Pat’s addition to our management team is a testament to the growing importance of the AQS platform within U.S. financial markets. AQS has come to represent a crucial piece of industry innovation, made more valuable through the increasing participation of large brokerage firms,” Thomas J. Perna, chairman and chief executive officer of Quadriserv, said. “Pat is a highly respected member of the stock loan and prime brokerage communities, and has worked closely over the years with hedge funds and agent lenders on a wide range of important industry issues. As the AQS platform continues to evolve, he is ideally suited to be our new liaison to the industry and continue our collaborative work with key stakeholders to ensure that AQS operates the most effective and efficient market possible.”
“I have followed the development of Quadriserv and the AQS market for a long time and have always been impressed with their progress in bringing positive change to a complex corner of financial markets. More importantly, I’ve admired their ability to listen to industry members and respond quickly and constructively to their comments,” Cestaro said. “The securities lending landscape has changed dramatically in the past few years, and today’s economic and regulatory pressures will place even greater demands on equity financing, capital efficiency, credit efficiency and risk management. I look forward to working with our customers as they increase their reliance on the AQS platform to help them solve real commercial challenges over the months and years ahead.”
Cestaro was with J.P. Morgan for two years as the U.S. head of equity finance sales and trading, ending in 2010. For 28 years he was at Bear Stearns & Co. where he was senior managing director, responsible for Global Securities Lending. He is a past president of the Securities Lending Division of SIFMA, and a founding participant and former chairman of the board of directors of EquiLend, LLC (a consortium founded by the largest participants in the financial services industry to optimize efficiency in the securities finance industry). In 2009 he was inducted into Global Custodian’s Securities Services Hall of Fame. He holds a B.A. in Economics from Fordham University.
“With his 30 years of experience as an operator and leader in the securities lending industry, Pat’s addition to our management team is a testament to the growing importance of the AQS platform within U.S. financial markets. AQS has come to represent a crucial piece of industry innovation, made more valuable through the increasing participation of large brokerage firms,” Thomas J. Perna, chairman and chief executive officer of Quadriserv, said. “Pat is a highly respected member of the stock loan and prime brokerage communities, and has worked closely over the years with hedge funds and agent lenders on a wide range of important industry issues. As the AQS platform continues to evolve, he is ideally suited to be our new liaison to the industry and continue our collaborative work with key stakeholders to ensure that AQS operates the most effective and efficient market possible.”
“I have followed the development of Quadriserv and the AQS market for a long time and have always been impressed with their progress in bringing positive change to a complex corner of financial markets. More importantly, I’ve admired their ability to listen to industry members and respond quickly and constructively to their comments,” Cestaro said. “The securities lending landscape has changed dramatically in the past few years, and today’s economic and regulatory pressures will place even greater demands on equity financing, capital efficiency, credit efficiency and risk management. I look forward to working with our customers as they increase their reliance on the AQS platform to help them solve real commercial challenges over the months and years ahead.”
Cestaro was with J.P. Morgan for two years as the U.S. head of equity finance sales and trading, ending in 2010. For 28 years he was at Bear Stearns & Co. where he was senior managing director, responsible for Global Securities Lending. He is a past president of the Securities Lending Division of SIFMA, and a founding participant and former chairman of the board of directors of EquiLend, LLC (a consortium founded by the largest participants in the financial services industry to optimize efficiency in the securities finance industry). In 2009 he was inducted into Global Custodian’s Securities Services Hall of Fame. He holds a B.A. in Economics from Fordham University.
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