Chris Tufano has joined Clear Street as the firm’s new head of clearing, following an almost nine-year tenure at Bank of America.
New York-based Tufano brings more than 20 years of industry experience to his new position, which will see him working towards delivering a robust clearing platform and client experience alongside the firm’s trading, risk, operations, technology and client service teams.
He is also set to oversee the business’ margin, collateral and settlement processes.
Speaking on his appointment, Tufano said: “I’m proud to join Clear Street to lead the broker-dealer clearing division at a time when the industry demands scalability, speed and simplicity. I’ll be working hand in glove with a world-class team to deliver a seamless, global client experience—one platform with a single point of entry for all markets and asset classes.”
During his time at Bank of America, he served as a managing director, member of the board of directors and global head of clearing and prime brokerage platform transformation.
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Previously in his career, he has also held senior roles at Morgan Stanley and Goldman Sachs, working across areas including electronic trading, broker dealer clearing business, product development and account management.
Tufano’s appointment follows the launch of Clear Street’ clearing services for registered market makers in listed US equities and options in April 2024, marking the firm’s first successful entry into the professional clearing market in almost a decade.
“We launched clearing for market maker clients last year and have a robust pipeline of new opportunities in front of us,” said Ed Tilly, chief executive of Clear Street.
“With Chris’ longstanding relationships in the space, as well as his unmatched institutional knowledge, our platform and value proposition continue to grow with purpose, centred around anticipating client needs.”