Electronic interdealer bonds and repo broker BrokerTec Global LLC’s European head Lee Olesky is to join another electronic broker TradeWeb Group, the companies said on Friday.
Olesky leaves BrokerTec Europe, where he was president and chief executive officer, and joines TradeWeb Group as president and TradeWeb Europe LLC as CEO and president.
Prior to BrokerTec, Olesky spent six years at Credit Suisse First Boston most recently as the chief operating officer for the fixed-income division, where he worked with tradeWeb’s current CEO Jim Toffey on the establishemnt of TradeWeb.
Olesky replaces TradeWeb managing director Roger Jones. TradeWeb said Jones was pursuing other interests in the industry.
The defection of Olesky to a growing European rival is a blow to BrokerTec. Initially established a treasury trading platform, TradeWeb has recently been moving more aggressively into other markets, including agencies, commercial paper, TBA mortgages and European-sovereign debt as well as Pfandbriefe (German-mortgage bonds).
BrokerTec director of sales and marketing Garry Jones has been appointedacting head on Olesky’s departure.
Effective immediately, Garry Jones will oversee the operations as well as all sales and marketing activities for BrokerTec Europe’s products and customer base.
Hal Hinkle, president and chief executive officer of BrokerTec Global, says: “Under the leadership of Lee and Garry, BrokerTec Europe has exceeded our expectations and is well positioned to continue its success…We are confident that BrokerTec Europe will continue its positive trajectory under the experienced management of Garry.”
“Lee leaves BrokerTec Europe with a strong organization in place and excellent operational momentum. I have enjoyed working closely with him, and I wish him all the best in his future endeavors,” Mr. Hinkle concluded.
Lee Olesky said, “I am very proud of the success BrokerTec Europe has achieved to date. With BrokerTec Europe now firmly established as a market leader, I have decided it is the right time for me to apply my skills and experience to manage TradeWeb. My departure from BrokerTec is amicable and directly tied to opportunities at TradeWeb”.
Garry Jones joined BrokerTec Europe shortly after its founding, and is one of the earliest members of its management team. Since January 2000, Mr. Jones has served as Director of Sales and Marketing for BrokerTec Europe. He has 21 years experience in the fixed income market, working in London and New York in a variety of sales, trading and research roles. Prior to joining BrokerTec, Mr. Jones was Managing Director and Head of Global Secondary Bonds, sales, trading and research at Daiwa Securities. From 1992 to 1997, Mr. Jones was at Paribas, initially in proprietary trading and later as Global Head of Bond Research and Co-Head of European Sales. Mr. Jones has an M.A. from Oxford University and an MBA from Stanford Business School.
Although both businesses have expanded aggressively, the two firms are not direct competitors. BrokerTec offers dealer-to- dealer services in bonds and repurchase “repo” agreements, while TradeWeb services client-to-dealer transactions.
BrokerTec opened for business in Europe in July 2000 and is active in German, French, Italian, UK, Dutch, Austrian and Belgian Bonds in repo, and cash markets with the inclusion of Spanish bonds. Spanish Repo, and the majority of the remaining EMU countries, are scheduled for launch on BrokerTec Europe in the coming months. BrokerTec is owned by a consortium of 14 banks, eight of which own stakes in TradeWeb.
TradeWeb opened for business in January 1998, adding a full trading facility in Europe in February 2001.