Piper Sandler has appointed Rich Steiner as managing director and head of global market structure and algorithmic trading strategies. The firm has also hired Ashley Teti, who joins the firm as a director in equity algorithmic sales. Steiner will be based in Atlanta and Teti will be located in New York.
Prior to joining Piper Sandler, Steiner worked for Royal Bank of Canada for 14 years in various equity roles. Most recently, he served as head of global market structure, responsible for managing the global franchise and optimising the trading platform. Prior to RBC, he spent three years at BNP Paribas as head of product development, algorithmic sales and global execution services. He has also held roles at Bloomberg and Schwab Capital Markets.
Teti was previously with RBC in cross-asset electronic sales where she focused on increasing client adoption of electronic capabilities across equities, foreign exchange markets, futures and rates. Prior to RBC, she was a sales director at OpenFin, a financial software development organisation. Prior to that, she was in sales and trading at Liquidnet, a global institutional investment network.
Speaking to BEST EXECUTION, Steiner considered the challenges in ensuring “transparent and efficient markets” – and how those challenges are overcome – as well as the wisdom he hopes to leverage in his new role amid the opportunities markets represent in 2024.
“Our markets are fragmented and complex,” Steiner told BEST EXECUTION. “It is not merely where a firm routes to – which venues – but also the criteria for selecting venues and optimising the engagement. While the US equity market is very efficient, there are inherent challenges to transparency in a complex market when navigating across myriad exchanges, ATSs and single-dealer platforms.”
“Our experience in electronic trading has grown along with the markets and investor needs. As technology advancements continue, we are excited to innovate and align with our clients to deliver best in class tools and improve trade performance,” Steiner added.
Looking ahead, Steiner said regulatory changes are impacting every corner of the trading markets, from retail investors, to institutions, to banks and market makers.
“Operational and compliance costs are rising, creating challenges and opportunities. Those who invest and innovate can thrive in this dynamic environment. Piper Sandler is well positioned to help guide our clients, by educating and informing them along with engaging regulators and policy makers, as we seek to increase efficiency and transparency in our markets with a focus on delivering high performance commercial trading solutions,” Steiner said.
©Markets Media Europe 2024
