Finance:Quadriserv
Quadriserv was a US-based electronic trading platform that helped clients lend and borrow stock for settlement of short sales and other purposes.[1][2] It was headquartered in New York and was the holding company for its subsidiary, Automated Equity Finance Markets (AQS).
In August 2016, AQS was acquired by Equilend.[3]
QS Holdco sued Equilend and other prime brokers arguing they colluded to drive out AQS.[4] In August 2019, the case was dismissed on the basis that Equilend, in the acquisition, had acquired all rights to take legal action on behalf of AQS.[5] QS Holdco's attempt to amend the complaint was denied, in full, in August 2020.
History
Quadriserv was founded in September 2001. Joseph Weinhoffer was the company's co-founder and served as its CEO between 2007 and 2009.[2]
Quadriserv's wholly owned subsidiary Automated Equity Finance Markets, Inc. operates what it regards as the world's largest central counterparty based lending market.[6][7][8]
In 2009, it entered into an alliance with Direct Edge.[9] In 2010, it integrated AQS with SunGard's Loanet Smart Loan.[10]
Management
Joseph Weinhoffer is the company's co-founder and was its CEO in 2007.[2][11] Tom Perna was the company's CEO in 2009, and Bruce C. Turner, a former Nasdaq and CIBC World Markets trading executive, was the company's president and COO in 2011.[1][12][13]
References
- ↑ 1.0 1.1 Smith, Randall (November 23, 2011). "Groupon Shares Backpedal". The Wall Street Journal. https://online.wsj.com/news/articles/SB10001424052970203710704577054613912424388.
- ↑ 2.0 2.1 2.2 "The Legends; Joe Weinhoffer". March 17, 2013. http://www.globalcustodian.com/gc_legends/the_legends.aspx?id=53990.
- ↑ "Equilend Acquires AQS To Facilitate OCC CCP Connectivity For Securities Finance Market". August 1, 2016. https://www.equilend.com/press-releases/equilend-acquires-aqs-to-facilitate-occ-ccp-connectivity-for-securities-finance-market/.
- ↑ "QS Holdco claims new evidence for antitrust case - Securities Finance Times". https://www.securitiesfinancetimes.com/securitieslendingnews/industryarticle.php?article_id=223331.
- ↑ "Judge dismisses QS Holdco lawsuit against prime brokers based on claim ownership". August 8, 2019. https://finadium.com/judge-dismisses-qs-holdco-lawsuit-against-prime-brokers-based-on-claim-ownership/.
- ↑ Schwartz, Robert A.; Byrne, John Aidan; Schnee, Gretchen (2012). Rethinking Regulatory Structure. New York City: Springer New York. ISBN 978-1-46144-373-5. https://books.google.com/books?id=nYOciXanppkC&q=Quadriserv&pg=PR11. Retrieved April 22, 2014.
- ↑ "Securities Act of 1934 Release No. 34-59294". SEC Docket (Washington, DC: United States Securities and Exchange Commission) 95 (2): 129. August 24, 2009. https://books.google.com/books?id=Pg47AQAAMAAJ&q=Quadriserv. Retrieved April 22, 2014.
- ↑ "Quadriserv Offers HFs Direct Access to AQS". March 18, 2010. http://www.institutionalinvestor.com/Article/2447754/Quadriserv-Offers-HFs-Direct-Access-to-AQS.html.
- ↑ "Direct Edge Inks Stock Lending Deal". July 16, 2009. http://www.institutionalinvestor.com/Popups/PrintArticle.aspx?ArticleID=2254203.
- ↑ "SunGard Extends Loanet Integration With Quadriserv's AQS". October 6, 2010. http://www.wallstreetandtech.com/operations/sungard-extends-loanet-integration-with/227700213.[yes } quadriserv-expands-relationship-with-sungard-to-support--securities-lending-initiatives|permanent dead link|dead link}}]
- ↑ Alpha. 2007. https://books.google.com/books?id=UO5aAAAAYAAJ&q=Quadriserv. Retrieved April 22, 2014.
- ↑ Security Dealers of North America. New York City: Standard & Poor. 2010. https://books.google.com/books?id=5-5aAAAAYAAJ&q=Quadriserv. Retrieved April 22, 2014.
- ↑ Bresiger, Gregory. "Boosting Securities Lending at Quadriserv". http://www.tradersmagazine.com/issues/20_276/100221-1.html.
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