Ex-Cboe CEO Ed Tilly joins $2B fintech Clear Street

investmentnews.com:

Ed Tilly is joining upstart brokerage-services provider Clear Street, as the former head of Cboe Global Markets Inc. takes a new leadership role in the securities industry. 

Tilly starts at Clear Street as president on July 22 to help build the financial technology firm’s brokerage business in the US and abroad, reporting to the board of directors. The move is the next step for Tilly’s career after he resigned in September from running the derivatives and securities exchange following an investigation that determined he didn’t disclose personal relationships with colleagues. He’ll be based in the firm’s New York headquarters. 

The hire also adds to Clear Street’s stable of high-profile talent as the provider of clearing and custody services seeks to expand into new asset classes and geographies. Last year, it poached Cantor Fitzgerald Chief Financial Officer Steve Bisgay to be its own finance chief. It named Goldman Sachs Group Inc. veteran Atul Pawar chief risk officer last month. 

“Ed brings a wealth of experience doing large transactions, product development, and global expansion,” Chief Executive Officer Chris Pento said in an interview. “We’ve had tremendous growth over the last six years, hitting our stride, and we will continue to accelerate.”

During his decade-long run as CEO at Cboe, Tilly more than tripled the company’s share price and boosted its market value from about $2 billion to $18 billion. Tilly started his career as a trader on the floor of Chicago Board Options Exchange in the 80s. As CEO, he oversaw a dealmaking spree that fueled Cboe’s expansion overseas and into the age of electronic trading, offering the fear index, VIX, and zero-day options.

“Working with innovators and problem solvers, that’s