Clear Street Boosts Prime Brokerage Division with Key Hires: Impact on Bitcoin (BTC) and Ethereum (ETH) Markets

• Clear Street, a New York-based diversified financial services firm, has announced several key hires to enhance its prime brokerage division.
• The firm recently launched futures clearing and execution services on U.S. exchanges for global clients, including hedge funds, professional trading groups, and family offices.
• Clear Street’s CEO, Chris Pento, stated that the firm is on a mission to modernize the brokerage ecosystem by replacing the legacy infrastructure used across the capital markets.

Clear Street has made strategic hires to bolster its prime brokerage division, coinciding with the launch of its futures clearing and execution services on U.S. exchanges. The firm is set to modernize the brokerage ecosystem.

Clear Street’s Key Hires

Clear Street’s new hires include Cory Solomon, Charlie Dietz, Wim Shih, George Jamgochian, Ashley DeSimone, and Tom Klein. These industry veterans bring a wealth of experience from their previous roles at notable financial institutions and are expected to drive Clear Street’s next stage of growth. The firm has made these hires at a critical time, having recently launched futures clearing and execution services on U.S. exchanges for global clients.

Clear Street’s Mission

CEO Chris Pento emphasized Clear Street’s mission to modernize the brokerage ecosystem by replacing the legacy infrastructure used across the capital markets. The firm’s recent hires and service launches reflect this commitment. Clear Street’s innovative approach is aimed at providing a single platform for every asset class, in every country, and in any currency.

Clear Street’s Recent Developments

Clear Street recently acquired React Consulting Services and its proprietary futures clearing platform, BASIS, which was integrated into Clear Street’s existing cloud-native clearing, settlement, execution, and custody platform. The firm currently processes around 2.5% of the notional U.S. equities volume, equivalent to roughly $10 billion worth of activity through its platform. In December 2023, Clear Street concluded a successful third tranche of Series B funding led by Prysm Capital, which increased the firm’s valuation to $2.1 billion.

Conclusion

Clear Street’s strategic hires and service launches signal the firm’s commitment to modernizing the brokerage ecosystem. With its innovative approach and robust platform, Clear Street is well-positioned to drive growth and offer enhanced services to its clients.