Saliba’s Execution Fight Gears Up

Spencer Doar

Spencer Doar

Associate Editor

Anthony Saliba returned to the broker-dealer business in September 2017 by starting Matrix Executions. He had sworn he would never would come back to the space. Saliba had already conquered the challenge as CEO of LiquidPoint – which at its peak handled a fifth of American options flow. Liquidpoint would eventually become apart of Dash Financial Technologies in 2017.

Saliba competes with Dash, fighting a battle with a company that can trace part of its history directly back to him.

Now, he has another vote of confidence in his year old venture as Mishkin, Anderson and Gray Securities (MAGS), operator of market making firm Simplex Trading, made him an offer he couldn’t refuse to become minority owners in Matrix. The deal is pending FINRA approval.  

For one, Simplex has some pieces of the technology puzzle that will save Matrix build time by simply integrating. Saliba specifically mentioned components of Simplex’s buy side order management system and functionality that allows traders to setup algorithmic strategies triggered by news events. Simplex will also bring it’s “market data prowess to bear.”

But there’s another benefit.

“They’re a strong market participant that gives us liquidity to lean on for price improvement and enhanced execution,” Saliba said.

It’s a new component in an array of overlapping pieces from his old LiquidPoint days as Simplex used to be a client. Saliba has made clear he wants as many of his former clients back, and said that in the past six months a handful made the switch to Matrix. It’s not just the client list — Saliba has some 30 people in his employ, half of which he worked with at LiquidPoint.

When he was revving up to reenter the space, people asked why he would enter such a commoditized business in the midst of an extremely low volatility environment. Needless to say, volatility has returned and the options business is on its way to record volumes 2018.

Should it be surprising that this legendary options trader got his timing right?

(Note: Matrix, unlike LiquidPoint, offers futures, too.)

John Lothian Newsletter

Today's Newsletter

Brokers shun oil ETF providers over regulatory risks

Brokers shun oil ETF providers over regulatory risks

First Read Cboe's Tilly Outlines Exchange Growth Amid Market Disruption Suzanne Cosgrove - John Lothian News In a webinar interview Thursday, Cboe Global Markets' CEO Ed Tilly said the exchange is contemplating reopening the trading floor next month but will not pull...

We visit more than 100 websites daily for financial news (Would YOU do that?)

Now Read This

Everything old is new again

Everything old is new again

Today, the U.S. Department of the Treasury is picking up where it left off in 1986 with regular issuances of bonds with nominal 20-year maturities. (“Nominal” because the bond will be issued on June 1 and pay out 19+ years later on May 15.) The bonds will pay semi-annual interest.

Update: SAFE Banking Act of 2019 Moves Forward With Heroes Act

Update: SAFE Banking Act of 2019 Moves Forward With Heroes Act

The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, legislation introduced by House Speaker Nancy Pelosi, D-Calif., and passed by the House late Friday, seeks to deliver an additional $3 trillion in aid to a wide range of individuals, businesses and municipalities hit by economic fallout from the coronavirus.

Pin It on Pinterest

Share This Story