OpenDoor Securities, a new bond trading platform that raised $10 million earlier in July, today announced a series of new appointments across the C-level, sales and trade support departments.
OpenDoor, set up by industry veterans Susan Estes and Brian Meehan, is one of a number of platforms attempting to improve the ease of trading treasuries. It preserves the anonymity of its participants in an attempt to allow users to trade on a larger size. The proprietary platform prepares for its launch in Q4 2016 and it will focus on inflation-linked securities and so-called off-the-run treasuries.
The list of new hires includes Michael Paulus who has joined as Senior Managing Director. Mr. Paulus brings over 34 years’ experience in the US Treasury and global banking industry including eight years at the Federal Reserve. In his new capacity, he will be tasked with strengthening relationships with central banks and expanding OpenDoor’s footprint beyond those already on-board the platform. In addition, Michael will be assuming a leadership role in interfacing with regulatory institutions around the world to discuss the challenges stemming from the reduction of liquidity in the off-the-run (OFTR) treasury and TIPS markets, with particular focus on the Asia-Pacific region.
Back in March 2000, Mr. Paulus was appointed by President Clinton as the Deputy Assistant Secretary for Federal Finance at the U.S. Treasury Department. Prior to this position he served as the Vice Chairman, and Acting Chairman, of the Steering Committee of the President’s Working Group on Financial Markets. Earlier in his career, he also held various roles including an economist and subsequently as Manager and Chief Dealer of the Foreign Exchange Desk at the Federal Reserve Bank of New York.
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Most recently, Paulus was the Managing Director and Head of Public Sector for JPMorgan in Hong Kong where he was responsible for the creation of the bank’s Public Sector Group in the Asia Pacific region.
Announcing the appointment, Susan Estes, CEO of OpenDoor Securities, said: “Michael has overseen operations at some of the most important financial institutions throughout his expansive career. The combination of market structure expertise and industry foresight that Michael brings will be integral to OpenDoor’s success as we get ready to launch in the coming months.”
“The US Treasury market faces some of the largest pain points of any sector in finance right now, and OpenDoor has developed a solution that will adequately tackle these issues and balance a market that has been bifurcated for years. I am very excited to join Susan and the strong team she has already put together,” added Paulus in an accompanying statement.
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Meanwhile, OpenDoor has named Matt Corsaro as its new Director of Sales, where he will report directly to President Rob Grillo and work closely with Michael Paulus and the rest of the sales team. Prior to joining OpenDoor, Corsaro managed MBS and US Treasury relationships at Tradeweb. He also held trading roles at Bear Stearns and Prudential.
In addition to Paulus and Corsaro, OpenDoor has added Kam Hing Wong as VP STP & Trade Support, where he will report directly to CTO Michael Sacks. Mr. Wong has more than 15 years of FIX trading environments experience, coupled with extensive knowledge of onboarding, certification, and production support for trading desks and trading venues. He joins OpenDoor after several senior level stints at Deutsche Bank where he supported the lender’s Future & Option FIX execution offering, and was responsible for client connectivity, support and certification.