CODA Markets bolsters ranks with Cestaro and Lazar

CODA Markets bolsters ranks with Cestaro and Lazar

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CODA Markets, an operator of a US equity trading platform, has made two new hires.

Pat Cestaro, a 35-year securities lending veteran, is the firm's new chief sales officer and Michael Lazar has been named managing director of sales.

Cestaro will lead sales and business development efforts, including support of CODA’s new institutional products and its new block-trading offering.

Before joining CODA he was the chief executive and chairman of Quadriserv, prior to its recent sale to EquiLend.

Cestaro spent 30 years as the head of securities lending and equity finance at JPMorgan and Bear Stearns, where he oversaw one of the largest securities lending programs in the industry.

Michael Lazar, another industry veteran, also joined CODA Markets as managing director of sales and will be focused on buy-side and institutional trading.

Lazar comes to PDQ with more than 25 years of experience in institutional sales roles, including 15 years at Liquidnet, where he was a key player in the firm’s sales expansion through the western United States.

“CODA Block has the potential to transform the landscape for how trading in U.S. equities is done, moving from an outdated order book model to an order-driven, on-demand auction,” said Don Ross, chief executive of PDQ Enterprises, CODA Markets’ parent company.

“With market veterans like Pat Cestaro and Mike Lazar, CODA Markets will be able to capitalize on that potential and, in the process, unlock tremendous value for buy-side and institutional traders.”

“Institutional traders have been attacking the same liquidity challenges with the same tools since I joined Wall Street more than 35 years ago,” added Cestaro. “However, unlike every other trading venue, CODA Markets uses its unique market structure to unlock latent liquidity - and in the process brings exceptional value to institutional orders."



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