Clear Street, a cloud-native financial technology firm focused on modernizing the brokerage ecosystem, has appointed Edward Tilly as President. Tilly joins Clear Street following a decade-long tenure as Chief Executive Officer at CBOE Global Markets, Inc., during which he significantly increased market capitalization from $2.0 billion to over $18.0 billion.

His leadership was marked by transformative initiatives such as the 2017 acquisition of BATS Global Markets, Inc. and the introduction of innovative financial products like zero-days-to-expiration options.

Executive Collaboration at Clear Street

Tilly brings experience and a proven track record of success in managing a publicly traded company to Clear Street. In his new role, he will collaborate closely with Chris Pento, Clear Street's Chief Executive Officer, to steer the firm through its next growth phase. Tilly will report directly to Clear Street’s Board of Directors.

“I am thrilled to be joining a company whose global vision is relentlessly customer-centric and whose technology platform is so unique. Having spent more than thirty years in the financial markets hyper-focused on innovation and accessibility, Clear Street has an exciting opportunity and I am looking forward to working with Chris and his team,” commented Tilly.

Clear Street has strengthened its executive team over the past year with other notable additions, including Atul Pawar, former head of U.S. Prime, Clearing , FCM, and Counterparty Risk at Goldman Sachs, and Jon Daplyn, former technology leader at Morgan Stanley.

Cboe to Close Crypto Exchange

Earlier, Cboe Global Markets announced plans to shut down its cryptocurrency exchange by the third quarter of 2024, as reported by Finance Magnates. The transition will see cash-settled Bitcoin and ether futures contracts moving from the Cboe Digital Exchange to the Cboe Futures Exchange by the first half of 2025.

This move aims to consolidate Cboe's US futures offerings under one platform, enhancing operational efficiency globally. Leveraging its established derivatives franchise, Cboe intends to bolster exchange-traded digital asset derivatives markets.

Cboe will retain ownership and operation of Cboe Clear Digital, integrating it with Cboe Clear Europe to streamline operations and improve client service worldwide. The company expects minimal impact on 2024 net revenue due to the closure, anticipating cost savings.