SLT: SL-x makes key hires

Reported by Securities Lending Times
New York | 27 August 2013

SL-x Group, an electronic trading marketplace for stock lending transactions, has appointed a chief financial officer, general counsel, and strategy director.

Richard Dellabarca, formerly chief financial officer of Chi-X Global Holdings, which owns and operates stock exchanges in Canada, Japan, Australia, and Singapore, has been hired as chief financial officer.

He will be based in the London office.

The role of general counsel will be taken by Nancy Gardner, formerly general counsel and executive vice president of Thomson Reuters’ markets division. She will be based in SL-x’s New York office.

SL-x has also appointed Marc Gerstein as its strategy director. Gerstein is a consultant, author and speaker, formerly executive vice president of strategy at Instinet Corporation, an electronic trading firm.

The firm’s patents pending electronic trading platform for the borrowing and lending markets has been under development for over two years.

It is aiming to provide the markets with a clearing system for stock lending transactions between investment banks representing stock borrowers, and custodian banks representing stock lenders.

Subject to pending regulatory approval, the SL-x platform will launch commercially in European capital markets during the final quarter of 2013, prior to global rollout in 2014.

The firm also recently announced that it had appointed the former co-head of global equities at Citigroup, Robert DiFazio, as its first chairman, and that it has also completed its pre-launch funding with a substantial investment by Palamon Capital Partners, a mid-market private equity firm.

SL-x was founded in 2011 by its chief executive, Peter Fenichel, together with Nazaar Molokhia, now the company’s chief technology officer and chief architect of the SL-x platform, and Hank Mlynarski, its chief operating officer.

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