“We at ETC are very excited to have Cerberus and Quantlab working along with us as we build upon and expand our capabilities in providing quality and efficient securities clearing services. Cerberus brings a wealth of resources, talent and relationships, as well as the financial wherewithal to help ETC realize and take advantage of the many clearing and prime brokerage opportunities we see in the market today. Quantlab, who has been a long-time supporter of the Company, brings knowledge and expertise in understanding the securities markets both domestically and abroad that will help ETC continually perfect its clearing processes,” said Harvey Cloyd, CEO of ETC Global Group.
“Cerberus is pleased to help ETC reach this important milestone in its development and to support it in its next phase of growth,” said Lee Millstein, Senior Managing Director, Cerberus Capital Management. “Cerberus’ agreement with ETC will provide the company with capital to scale the business immediately, as well as the strategic partnership, industry expertise, and relationships required to further expand its platform and geographic presence.”
“We at Quantlab have believed in and supported the vision of ETC since its inception, and have been both a client and investor from early on. We look forward to increasing our clearing activity through ETC as it expands its scope,” said Bruce Eames, Co-Founder Quantlab Financial LLC.
About ETC Global Group
ETC Global Group is a preeminent brokerage and clearing group, which, through its subsidiaries, offers sophisticated clearing, settlement and custodial services to securities industries participants, such as broker-dealers, ATS’s (alternative trading systems), routing firms, professional trading firms, black-box trading firms and hedge funds. Since its US broker-dealer’s regulatory approval in July 2009, the Company has routinely cleared a significant percentage of all US daily equities share volumes. Electronic Transaction Clearing (US) is a member of FINRA, SIPC and all major US stock exchanges. Electronic Transaction Clearing Canada is a member of IIROC, CIPF, and the major Canadian stock exchanges.
About Cerberus Capital Management
Established in 1992, Cerberus Capital Management, L.P. is one of the world’s leading private investment firms. Cerberus has more than US $30 billion under management invested in three complementary strategies: operational private equity; global credit opportunities (including non-performing loans, corporate credit and distressed debt, mortgage securities and assets, and direct lending); and real estate. From its headquarters in New York City and network of affiliate offices in the U.S., Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple asset classes globally.
About Quantlab Investments LLC
Quantlab Financial LLC (“Quantlab”) is a leading, global quantitative trading firm based in Houston, Texas.
ETC Global Group
Cerberus Capital Management
Quantlab Investments LLC
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SOURCE Cerberus Capital Management, L.P.