Clear Street has launched a new outsourced trading platform with the addition of a former UBS outsourced trading expert to lead the initiative.
Morgan Ralph
Morgan Ralph joins Clear Street as head of outsourced trading to support the firm as it expands its new platform, in a move away from his previous role where he led business development and platform management for UBS’ outsourced trading.
The move follows news in March 2025 that UBS had made a shock exit from the outsourced trading game, just weeks after the firm named Ian Power as head of its Execution Hub, EMEA, having most recently served as the firm’s head of multi-asset trading, UK.
Clear Street has said that the new outsourced trading team also includes individuals well-versed in the sector, from firms including UBS, Wells Fargo and State Street.Ralph brings extensive industry experience to his new position, having previously helped to launch State Street’s outsourced trading offering as head of business development for the Americas. He also held positions in equity sales and trading at Brown Brothers Harriman and equity capital markets at Lehman Brothers.
His addition will also support the launch as Clear Street expands to operate its outsourced trading team from a new office space in New York, designed to support the firm’s drive to grow its products and services.
Speaking on his new role, Ralph said: “I am beyond thrilled to join Clear Street and to work alongside the excellent team here to bring forward the premier outsourced trading platform on the market.
“The blend of world-class proprietary technology and an incredibly experienced team of professionals gives us a distinct edge, and our clients will benefit significantly from the unique set of resources this firm can offer. We also have imminent plans to grow, with several exciting hires soon to be announced.”
Read more – UBS makes shock exit from outsourced trading game
Clear Street becomes the latest prime broker to enter the space, joining rivals including BTIG, Cantor Fitzgerald, Jefferies, JonesTrading, Marex and StoneX. The other players in the outsourced trading world are made up of custodians, investment banks and a handful of asset managers.
Andy Volz, Clear Street chief commercial officer said: “Outsourced trading is a direct response to our clients’ needs, allowing the flexibility to scale up, or down, as business ebbs and flows, a common occurrence for small and emerging managers. By pairing this offering with our proprietary technology, delivered via Clear Street Studio, we can help our clients more confidently navigate markets.”