Quadriserv, Inc. has appointed Pasquale Pat Cestaro III and Bruce C. Turner as co-CEOs and members of the Quadriserv board of directors.
The pair are tasked with continuing the expansion of electronic securities lending and borrowing on AQS, the central counterparty-based market that offers automated securities lending trading in more than 5,000 equity, ETF and ADR products.
Cestaro has served as Quadriservs vice chairman, while Turner, who oversaw the launch of the AQS and AQS Direct platforms, was most recently president and COO. Thomas J. Perna will continue as chairman.
The combination of Pat, who brings his experience in working with the biggest players in the securities lending industry, and Bruce, who has led securities trading, technology and market structure initiatives for brokerages and exchanges for two decades, will further enhance our capabilities in meeting the needs of clients, says Perna.
Cestaro adds: As liquidity and order flow continue to expand on the AQS platform, our model becomes increasingly compelling for the industrys major participants. I look forward to collaborating even more closely with Bruce as Quadriserv continues exploring ways to provide central counterparty-based value to new clients and enhanced services for current customers.
Turner adds: Our clients have come to depend on AQS reliability and our real-time market data for insight into the securities lending market. Building on our strong foundation and momentum, Pat and I are excited to work with our Quadriserv team. Our mission is to continue to broaden our market to the benefit of the lending and prime brokerage businesses.
(CG)