Venditti re-enters the fray as MD of US repo broker-dealer
20 February 2020 New York
Image: Shutterstock
Former managing director of BMO Global Capital Markets, Anthony Venditti, has been reincarnated among the management team of US broker-dealer South Street Securities, seven months after retiring.
Venditti left his role as co-head global prime finance and delta one trading at BMO in July 2019, but has now returned to the securities financing market to pursue “an exciting opportunity” with “a well capitalised US broker-dealer”.
South Street was established in 2001 and concentrates solely on repo cash investment and repo security financing services.
The firm says it is the only broker-dealer that is a tier-one member of the Fixed Income Clearing Corporation with full repo netting rights and is dedicated to the repo market.
South Steet's model only allows for collateral comprised of US treasury and agency securities, along with short repo tenors, which the firm says helps keep its capital costs “very low”. “This translates into very competitive rates for repurchase agreements,” South Street states.
In a statement on his new role, Venditti says: “With a first-class management team, they [South Street] have established themselves as a fairly large player in the US repo markets with multiple opportunities for growth within their existing businesses and capital structure.”
Venditti also argues that South Street is “one of the few firms” that have a technology company integrated into its business model, adding that his “strengths within the equity finance/delta one trading business, along with [his] deep relationships across the industry can evolve this opportunity with South Street into something special”.
In a letter sent to “colleagues, clients, and friends” Venditti says: “I look forward to working with all of you for many years to come as we build a strong global securities finance business and platform.”
Venditti, based in New York, boasts more than 35 years of experience in the securities financing industry having spent 10 years at Nomura Securities prior to his 13 years with BMO.
Venditti left his role as co-head global prime finance and delta one trading at BMO in July 2019, but has now returned to the securities financing market to pursue “an exciting opportunity” with “a well capitalised US broker-dealer”.
South Street was established in 2001 and concentrates solely on repo cash investment and repo security financing services.
The firm says it is the only broker-dealer that is a tier-one member of the Fixed Income Clearing Corporation with full repo netting rights and is dedicated to the repo market.
South Steet's model only allows for collateral comprised of US treasury and agency securities, along with short repo tenors, which the firm says helps keep its capital costs “very low”. “This translates into very competitive rates for repurchase agreements,” South Street states.
In a statement on his new role, Venditti says: “With a first-class management team, they [South Street] have established themselves as a fairly large player in the US repo markets with multiple opportunities for growth within their existing businesses and capital structure.”
Venditti also argues that South Street is “one of the few firms” that have a technology company integrated into its business model, adding that his “strengths within the equity finance/delta one trading business, along with [his] deep relationships across the industry can evolve this opportunity with South Street into something special”.
In a letter sent to “colleagues, clients, and friends” Venditti says: “I look forward to working with all of you for many years to come as we build a strong global securities finance business and platform.”
Venditti, based in New York, boasts more than 35 years of experience in the securities financing industry having spent 10 years at Nomura Securities prior to his 13 years with BMO.
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