Equities expert Tommy Doyle has joined Institutional crypto trading platform, FalconX, in an EMEA sales role, following a one and a half year stint at Coinbase.

Prior to this, Doyle spent almost three years at Goldman Sachs, working in the equities space as a managing director.

Read more – Coinbase wins approval to offer federally regulated crypto futures trading to eligible US customers

His experience also includes tenures at Citi and Bank of America Merrill Lynch, both in equities and prime brokerage-focused roles.

This hire follows the departure of Coinbase’s digital finance trading head earlier this year. Nick Delikaris left the company to return to State Street as the automation, analytics and platform services lead. He had also previously spent a decade at Goldman Sachs in a variety of roles including as vice president, securities lending/credit-repo trading.

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Coinbase will become the first crypto-native platform to offer traditional spot crypto trading directly, alongside regulated and leveraged crypto futures on an integrated trading solution for verified customers.

According to Coinbase, the move is a critical milestone which reaffirms its commitment to operate a regulated and compliant business, alongside positioning itself as a secure crypto-native platform for its customers.

In addition, the firm stated that approval for US customers to access regulated crypto derivatives will allow more people to access the cryptoeconomy in a safe way that helps keep the US at the centre of digital innovation.

“At Coinbase, we believe regulation and transparency are critical and build confidence for individual customers and institutions,” said Greg Tusar, vice president of institutional product at Coinbase, in a blog announcing the regulatory approval.

“Access to a CFTC-regulated crypto derivatives market is essential to unlocking significant growth and enabling broader participation in the cryptoeconomy.”

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Following the acquisition, ORDAM will become Coinbase Asset Management (CBAM), operating as an independent business and wholly-owned subsidiary of Coinbase.

The acquisition comes as part of Coinbase’s long-term strategy to increase opportunities for institutions to participate in the crypto-economy.

“In furthering our goal of bridging the gap between institutions and the cryptoeconomy, we’re excited to announce that Coinbase has acquired One River Digital Asset Management, a subsidiary of One River Asset Management,” said Coinbase in a statement.

“An SEC-registered investment adviser, ORDAM will form the foundation of Coinbase Asset Management and offer investment advisory services to a range of new and existing institutional clients.”

ORDAM provides institutional clients with exposure to digital assets through robust investment products, and by leveraging Coinbase Prime, ORDAM delivers differentiated investment solutions to institutional investors.

The two firms are partnering to build digital asset management infrastructure such as One Digital SMA, a suite of digital investment strategies and indexes in a separately managed account (SMA) platform powered by Coinbase Prime and Coinbase Custody.

“Culturally, our two organisations are strongly aligned on pursuing the opportunity in digital assets with an uncompromising priority on safety and soundness. With this acquisition, we are excited to welcome ORDAM’s best-in-class team to Coinbase and to partner more deeply to expand institutional access to digital assets,” added Coinbase.

Following the acquisition, Eric Peters will continue his role as CEO/CIO of ORDAM, now CBAM, as well as continuing to serve as CEO/CIO of One River Asset Management, an unaffiliated and independent business which Peters founded in 2013.

ORDAM will operate independently under Coinbase, segregated from its trading and exchange businesses.

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Coinbase Prime is a solution that provides a trading platform, secure custody and prime services to manage crypto assets in one place. The solution provides aggregated access to crypto liquidity via a smart order router, alongside providing the buy-side with full prime brokerage capabilities.

The new integrated solution will allow NYFIX clients to route order flow to Coinbase Prime through industry standard protocol, FIX.

Buy-side traders will also be able to source crypto liquidity from Coinbase and trade directly from their OMS, enabling compliance and regulatory checks to be adhered to.

“Despite short-term cycles, momentum in institutional adoption is trending one way – toward more exploration and more interest,” said Greg Tusar, vice president of institutional products at Coinbase.

“Utilising the NYFIX order-routing network, this partnership puts deep, multi-venue crypto liquidity on more buy-side traders’ desks, lowering barriers for participation in this growing asset class.”

The new solution is currently available to US domestic clients, with plans for expansion into additional regions as regulations allow.

“Institutions are increasingly interested in the crypto space but trading assets has remained a challenge because messaging is only available through proprietary API interfaces,” said Ray Tierney, president of Broadridge Trading and Connectivity Solutions.

“Now, through Coinbase’s deep access to liquidity and NYFIX’s extensive market reach, we can integrate more than two thousand clients to bring crypto trading to the institutional market.”

Coinbase’s partnership with Broadridge follows a similar move with BlackRock last month, which provided institutional clients of BlackRock’s end-to-end investment management platform, Aladdin, with direct access to crypto through Coinbase Prime.

The partnership saw the two firms create new access points for institutional crypto adoption through the connection of their Coinbase Prime and Aladdin platforms.

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Aladdin’s institutional client base will be provided with crypto trading, custody, prime brokerage and reporting capabilities.

Coinbase Prime, which is specifically designed for institutions, integrates agency trading, custody, prime financing, staking, data and reporting, to support the entire transaction lifecycle.

These capabilities are combined with security, insurance and compliance practices to offer Coinbase’s institutional clients a full-service platform to access crypto markets at scale.

“Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets,” said Joseph Chalom, global head of strategic ecosystem partnerships at BlackRock.

“This connectivity with Aladdin will allow clients to manage their bitcoin exposures directly in their existing portfolio management and trading workflows for a whole portfolio view of risk across asset classes.”

The two firms will continue to integrate the platform, rolling out functionality in phases to interested clients. Institutions contracted with both Aladdin and Coinbase have immediate access to the platform.

“As the trusted partner enabling institutions to participate and transact in the cryptoeconomy, we are committed to pushing the industry forward and creating new access points as institutional crypto adoption continues to rapidly accelerate,” said Brett Tejpaul, head of Coinbase Institutional and Greg Tusar, vice president, Institutional Product, in a blog post announcing the partnership.

This latest partnership follows that of TS Imagine, which successfully connected with Coinbase Prime to provide institutional clients with a fully regulated method of trading cryptocurrencies earlier this year.

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Citi appointed Simon Jones as its new head of credit markets trading for Europe, the Middle East and Africa, according to an internal memo seen by The TRADE. Jones will take the lead in credit markets trading for the region, as well as continuing in his current role as head of global spread products (GSP) and financing and securitisation. Jones assumes the role after serving with Citi since 2004 across several securitised markets trading roles including as its co-head of its special situations trading group. He took up his most recent role as head of GSP financing and securitisation in 2017.

UBS appointed Naureen Hassan as president of Americas and chief executive of UBS Americas Holding, succeeding Tom Naratil who has decided to step down. Following a 39-year career at UBS and its predecessor PaineWebber, Naratil will step down from his current roles as president of UBS Americas and co-president of global wealth management, effective from 3 October. Hassan will replace Naratil as president of UBS Americas, chief executive of UBS Americas Holding and member of the firm’s group executive board upon his departure. She joins from the Federal Reserve Bank of New York (FRBNY) where she served as the first vice president and chief operating officer.

Tradeweb appointed industry veteran Thomas Pluta as its next president, joining the firm as president-elect in October and as president on 1 January 2023. He will join Tradeweb from JP Morgan, where he has spent 27 years in a variety of roles, most recently as global head of linear rates trading and co-head of North America rates trading. Pluta will succeed current president, Billy Hult, who is due to replace Lee Olesky as chief executive when he retires at the end of this year. Olesky will continue to serve as chairman through 2023.

Mark T. Uyeda was sworn into office at the Securities and Exchange Commission (SEC) as a commissioner by Brian Johnson, assistant director of the division of investment management’s rulemaking office. President Biden nominated Commissioner Uyeda earlier this year and he was confirmed by the US Senate on 16 June. Commissioner Uyeda originally joined the SEC in 2006 and has since held a variety of advisory and counselling roles. His appointment will run until 5 June next year and makes him the first Asian Pacific American to serve as a Commissioner at the SEC.

Newton Investment Management Group appointed Sachit Shah as a new multi asset trader for the firm. Shah joins from Seaport Global Holdings, where he served as an equity sales trader for nearly one year. Prior to that, he spent just over five years at Amber Capital as a trader and before that, held various trading positions at Exane, Value Partners, The Cambodia Project and ABN Amro.

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Tommy Doyle has joined Coinbase’s institutional team focused on leading its efforts in hedge fund sales for EMEA, according to an update on social media.

He joins the exchange from Goldman Sachs where he had been for over two and a half years in an equities focused role. Goldman began trading its first ever Ethereum derivatives products last month.

Previously in his career, he also spent six years at Citi and 10 years at Bank of America Merrill Lynch in equities and prime brokerage focused roles.

“I am looking forward to working with Guillaume Chatain, Drew Robinson, James Morek, Lucy Taylor and the wider institutional sales team at Coinbase Europe to continue on our incredible growth trajectory,” Doyle said in his update.

“I am also hugely excited to partner with our existing hedge fund clients and future prospects who are looking at either exploring or firmly establishing their digital asset trading strategies in what continues to be an ever-evolving crypto macro environment.”

Goldman Sachs had not responded to a request for comment at the time of publishing.

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Finbarr Hutcheson has taken on the part-time as role at Coinbase, according to his LinkedIn profile, after most recently serving as ICE Clear Europe’s chief for just over three years. He departed in December last year.

Coinbase did not respond to a request for comment at the time of publication.

The addition provides the retail-focused platform with some significant financial markets experience through the C-level executive who has led some of the world’s largest derivatives and clearing organisations.

Prior to joining ICE Clear, Hutcheson spent nearly four years as president of the ICE Benchmark Administration and two years as chief executive officer of NYSE’s LIFFE, the global derivatives business of the former NYSE Euronext that is now part of ICE, and as head of its fixed income currencies and commodities (FICC).

He also notably spent 15 years as an executive director at Goldman Sachs.

The news follows Coinbase’s planned launch into Japan with the help of Japanese investment bank MUFG, announced last month, in a bid to create a more globalised offering.

As part of the partnership, MUFG will offer a deposit service for all customers in the region wanting to trade on Coinbase’s platform to accelerate the roll-out.

“Coinbase is committed to increasing the use of crypto in Japan by bringing a best-in-class product offering to Japanese customers,” said Coinbase in a statement last month.

Hutcheson’s is the second recent appointment at Coinbase after it also appointed the former global head of electronic trading at Goldman Sachs and co-founder of Tagomi, Greg Tusar, as VP of institutional products as part of its acquisition of the crypto prime broker co-founded by Tusar.

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Digital asset exchange Coinbase has partnered with investment bank MUFG to launch its cryptocurrency trading platform in Japan as its global expansion plans continue to accelerate.

The platform provider said it will introduce its business in Japan with the launch of a retail products, including a suite of five digital assets based on trading volume, with plans to launch its institutional offering and advanced trading services in the future.

Under the partnership, Japanese bank MUFG will offer a deposit service for all customers wanting to trade on Coinbase’s platform to accelerate its roll-out in the region.

“In line with our global strategy, we will aim to be the easiest to use and most trusted exchange in Japan that’s fully compliant with local regulations,” said Coinbase in a statement. “Coinbase is committed to increasing the use of crypto in Japan by bringing a best-in-class product offering to Japanese customers.”

The launch follows the appointment of former Goldman Sachs electronic trading head and Tagomi co-founder, Greg Tusar, as vice president of institutional products at Coinbase, responsible for bulking out the platforms institutional infrastructure, in August last year.

At the time of his appointment, Coinbase also confirmed it would be integrating the Tagomi prime brokerage platform co-founded by Tusar in a bid to further stimulate institutional interest in cryptocurrencies.

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Greg Tusar joins the digital asset exchange as part of its recent acquisition of the crypto prime broker, which Tusar co-founded and served as chief technology officer.

He has been tasked with building Coinbase’s institutional offerings and trading infrastructure, while integrating the Tagomi prime brokerage platform with its product suite.

“Greg’s experience in both electronic trading and execution as well as trading infrastructure make him uniquely qualified to guide Coinbase’s institutional products as more professional traders and funds seek to allocate portions of their portfolios to crypto assets,” said Surojit Chatterjee, chief product officer at Coinbase.

Tusar has more than 30 years’ experience in various electronic trading, technical infrastructure and market structure roles. Besides leading electronic trading globally for Goldman Sachs for 13 years since 2000, he has also previously headed up client market making and execution services for KCG, now part of Virtu Financial.

Coinbase added that Tusar’s appointment comes as the crypto exchange progresses its engagement and focus on institutional investors. The company confirmed in May it would acquire crypto prime brokerage Tagomi as investors and funds are increasingly looking to engage with digital assets. 

Large crypto platforms such as Coinbase have made moves recently to acquire digital asset prime brokers, as the significance of offering the function to attract institutional investors to the space became clearer.

“We’ve seen a swell in demand from institutional investors over the past year, driving tremendous growth in our Coinbase Custody offering and increased volumes on our trading platforms,” Coinbase said upon announcing its acquisition of Tagomi. “The addition of Tagomi will round out our product suite for the fast-growing institutional trading market.”

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