(Bloomberg) -- Vlad Khandros, an executive at electronic bond-trading platform Trumid, has left to lead OneChronos, which lets institutional investors bid for stocks in an automated auction.
Khandros, Trumid’s former head of corporate development, will become chief executive officer of OneChronos Capital Markets, a subsidiary of OCX Group Inc., according to people familiar with the move who asked to not be named discussing a private matter. He starts next week based in New York and will report to Kelly Littlepage, co-founder and CEO of OneChronos.
The firm’s technology, which went live earlier this year, enables potential buyers to dictate what they think the value of a portfolio or large quantity of stocks is at a given time, known as an “expressive” bid. The system pairs bids from the buy and sell sides through periodic auctions and if values match from both parties, the trade happens.
Having held both advisory and investment roles, Khandros has been central to driving Wall Street’s adoption of electronic trading across asset classes. Prior to Trumid he spent nearly a decade at UBS Group AG where he focused on sell-side equities market structure and trading strategists. It was during that time Khandros was introduced to the OneChronos concept and team, he said in an interview.
The firm took years to get off the ground, launching in beta phases and fully this June with a dozen broker-dealers signed on. That’s grown to 20 with another dozen broker-dealers expected to connect in the next two quarters, according to co-founder Richard Suth. The CEO hire expands the team of 14, 11 of whom are focused on engineering.
“We relied on Vlad’s views and advice during his time at UBS as we developed the product,” Suth said. “Today, our early execution metrics look strong.”
The field of alternative-trading systems is crowded with new entrants fighting for orders. Among the early adopters of OneChronos is Bank of Montreal’s electronic-trading group and Jefferies Financial Group Inc., Bloomberg reported earlier.
“While US equities is a significant market, and I will help further drive that part of the business, I’m excited to apply the application to other asset classes, other regions and other business lines,” Khandros said.
Read More: New Trading Platform OneChronos Brings AI Auctions to Stocks
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