PDQ secures Cestaro and Lazar for senior roles
08 December 2016 Chicago
Image: Shutterstock
Former Quadriserv CEO and chair Pasquale Cestaro has been snapped up by PDQ to lead sales and business development for its centralised on demand auctions (CODA) market platform.
CODA Markets, previously known as PDQ ATS, is a US equity trading platform provider. Cestaro has been installed as chief sales officer.
PDQ confirmed the hire along with the appointment of Michael Lazar, who joins as managing director of sales and will be focused on buy-side and institutional trading.
Lazar moves to PDQ with more than 25 years of experience in institutional sales roles, including 15 years at Liquidnet.
“CODA Block has the potential to transform the landscape for how trading in US equities is done, moving from an outdated order book model to an order-driven, on-demand auction,” said Don Ross, the recently promoted CEO of PDQ.
Ross, previously PDQ’s chief strategy officer, succeeded Keith Ross Jr in October after he was elevated to executive chair.
“With market veterans like Pat Cestaro and Mike Lazar, CODA Markets will be able to capitalise on that potential and, in the process, unlock tremendous value for buy-side and institutional traders,” said Ross.
Cestaro added: “Institutional traders have been attacking the same liquidity challenges with the same tools since I joined Wall Street more than 35 years ago.”
“However, unlike every other trading venue, CODA Markets uses its unique market structure to unlock latent liquidity—and in the process brings exceptional value to institutional orders. With the upcoming launch of CODA Block, I can’t think of a better time to join such an innovative team.”
CODA Markets, previously known as PDQ ATS, is a US equity trading platform provider. Cestaro has been installed as chief sales officer.
PDQ confirmed the hire along with the appointment of Michael Lazar, who joins as managing director of sales and will be focused on buy-side and institutional trading.
Lazar moves to PDQ with more than 25 years of experience in institutional sales roles, including 15 years at Liquidnet.
“CODA Block has the potential to transform the landscape for how trading in US equities is done, moving from an outdated order book model to an order-driven, on-demand auction,” said Don Ross, the recently promoted CEO of PDQ.
Ross, previously PDQ’s chief strategy officer, succeeded Keith Ross Jr in October after he was elevated to executive chair.
“With market veterans like Pat Cestaro and Mike Lazar, CODA Markets will be able to capitalise on that potential and, in the process, unlock tremendous value for buy-side and institutional traders,” said Ross.
Cestaro added: “Institutional traders have been attacking the same liquidity challenges with the same tools since I joined Wall Street more than 35 years ago.”
“However, unlike every other trading venue, CODA Markets uses its unique market structure to unlock latent liquidity—and in the process brings exceptional value to institutional orders. With the upcoming launch of CODA Block, I can’t think of a better time to join such an innovative team.”
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