OpenDoor Hires Michael Paulus to Expand Central Bank Footprint09.16.2016 By John D'Antona Editor, Traders Magazine
OpenDoor- Jersey City, NJ – OpenDoor Securities (“OpenDoor”), a platform specifically designed to improve liquidity in the U.S. Treasury bond markets, has appointed Michael Paulus as Senior Managing Director. Paulus joins OpenDoor’s expanding team of Wall Street and fixed income industry veterans as it prepares for its platform launch in Q4 2016. He will report directly to President Rob Grillo.
Paulus, a US Treasury and global banking veteran with over 34 years of industry experience, will be responsible for strengthening relationships with central banks and expanding OpenDoor’s footprint beyond those already on-board the platform. His responsibilities will also include interfacing with regulatory institutions around the world to discuss the challenges stemming from the reduction of liquidity in the off-the-run (OFTR) Treasury and TIPS markets, to insure OpenDoor’s solution remains aligned with market oversight. In addition, he will leverage and expand his relationships with both public and private sector clients globally with particular focus in Asia-Pacific.
Most recently, Paulus was the Managing Director and Head of Public Sector for JPMorgan in Hong Kong where he was responsible for the creation of the bank’s Public Sector Group in the Asia Pacific region. Prior to joining JPMorgan, Paulus held the same position at HSBC and Citigroup in Hong Kong. Before moving to Hong Kong, he was Managing Director and Head of UK Investor Sales in London for Citigroup.
“Michael has overseen operations at some of the most important financial institutions throughout his expansive career,” said Estes. “The combination of market structure expertise and industry foresight that Michael brings will be integral to OpenDoor’s success as we get ready to launch in the coming months”
“The US Treasury market faces some of the largest pain points of any sector in finance right now, and OpenDoor has developed a solution that will adequately tackle these issues and balance a market that has been bifurcated for years. I am very excited to join Susan and the strong team she has already put together,” said Paulus.
In January 2000, Paulus was appointed by President Clinton as the Deputy Assistant Secretary for Federal Finance at the U.S. Treasury Department. His primary responsibility was managing the debt of the U.S. Government as well as advising the Secretary of the Treasury and other senior Administration and Treasury officials on financial market developments. He also served as the Vice Chairman, and Acting Chairman, of the Steering Committee of the President’s Working Group on Financial Markets. The Bush Administration asked him to remain with the Treasury Department to help with the transition following the 2000 elections.
Paulus began his career at the Federal Reserve Bank of New York initially as an economist and subsequently as Manager and Chief Dealer of the Foreign Exchange Desk, which conducts foreign exchange intervention operations on behalf of the U.S. monetary authorities. Following eight years at the Federal Reserve, he moved to the private sector where he focused on developing hedge fund, prime brokerage and asset allocation businesses for JPMorgan and Bank of America. He has also served as Chairman and Vice Chairman on America’s Committee of the Hong Kong General Chamber of Commerce.
In addition to Paulus, OpenDoor has added two other individuals to its staff. Matt Corsaro has been hired as a Director of Sales, where he will report directly to President Rob Grillo and work closely with Michael Paulus and the rest of the sales team. Corsaro joins OpenDoor from Tradeweb, where he managed MBS and US Treasury relationships. He also held trading roles at Bear Stearns and Prudential.
Kam Hing Wong joins OpenDoor as VP STP & Trade Support, where he will report directly to CTO Michael Sacks. He brings over 15 years of experience managing FIX trading environments, as well as expertise in client onboarding, certification, and production support for trading desks and trading venues. Most recently Kam supported Deutsche Bank’s Future & Option FIX execution offering, where he was responsible for client connectivity, support and certification, and system integration and engineering for OMS-related projects.
About OpenDoor Securities
OpenDoor Securities improves liquidity across off-the-run Treasuries and Treasury Inflation Protected Securities (TIPS), through a proprietary trading platform that is all-to-all, cost effective and session-based. OpenDoor offers free access to its browser-based platform. Customers include some of the world’s largest asset managers, central banks, primary dealers, hedge funds, and trading firms.
Stephanie Dumont and Ola Persson of FINRA reflect on advances in fixed income transparency.
Investors lack confidence in fixed income data and believe only half is really reliable.
The consortium is creating the first open market electronic trading platform for syndicated loans and CLOs.
Buy-side users can access Tradeweb’s RFQ process while strengthening relationships with diverse dealers.
The Treasury is soliciting public feedback on additional post-trade data transparency.