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Anthony "Tony" J. Saliba (born May 5, 1955) is an American trader, author, and entrepreneur in Chicago, Illinois, who is CEO of Liquid Mercury, Vice Chairman of The Board of Managers at Matrix Executions, CEO of Option Technologies Solutions International, and Founder and CEO of Fortify Technologies. [1]
Saliba grew up in the Chicago area. He attended Highland Park High School in Highland Park, Illinois, where he competed in wrestling, track, and cross country, edited the school newspaper, and graduated in 1973. His interest in trading began in high school when he caddied for grain traders.
In 1977, he graduated as an Evans Scholar at the Kelley School of Business at Indiana University with a B.S. in accounting.
Saliba began his career as a stockbroker at a small firm in Indianapolis, Indiana in 1977. In 1979, after learning about the opportunities that existed in options trading, he became a clerk at the Chicago Board Options Exchange (CBOE). After a few months of clerking, a chance encounter on the floor with a trader who he had once caddied for sparked a fateful partnership. The terms of their agreement were simple: Saliba contributed his now-extensive trading knowledge while his acquaintance provided $50,000 in capital. Saliba was soon able to buy out his partner and began building his own trading network. By 1987, he was a director on the CBOE board with 27 traders working for him. In 1989, Saliba was the only options trader profiled in Jack Schwager’s Market Wizards, [2] a classic trading book that features interviews with exceptionally successful traders. He was on CBOE’s Board of Directors until 1990.
In 1989, he founded International Trading Institute, Ltd., [3] a training institution for derivatives traders that built and delivered the first options simulator and pioneered training professional traders and market makers worldwide, and has continued to do so for more than 30 years.
In 1991, Saliba founded Salibaco, LLC, a floor based options trading company that trained and financially backed young traders.
In 1992, Saliba founded his first company, First Traders Analytical Solutions, LLC, [4] to provide options traders with technological solutions to route and execute trades.
In 1999, Saliba founded and was CEO of LiquidPoint, [5] a trading platform, broker and solution provider that sold to Convergex Group, LLC for a mid-nine-figure sum in 2007. He was made executive managing director of Convergex after the acquisition until 2014. He is a founding member of Saliba Partners, LLC, [6] a CBOE options trading firm. He also founded Efficient Capital Management, [7] a portfolio investment firm, in 1999.
In 2011, he founded Fortify Technologies, a firm that operates outside of the trading industry. In 2014, he made an overseas investment by purchasing the Lough Erne Resort in Belfast, Northern Ireland. [8] In 2015, he founded Saliba Venture Management, LLC (Saliba Ventures), [9] which offers finance, strategy, and product consulting products.
In 2018, Saliba founded and is CEO of Liquid Mercury, a sister company of Matrix Executions. It is a hybrid that handles OTC (high-tough) cryptocurrency execution.
He wason the board of the Chicago Stock Exchange (CHX) from 2016 until 2018. [10]
Saliba was CEO of Matrix Execution Technologies and is Vice Chairman of the Board of Managers since 2022. . [11] Matrix Executions, which formed as a joint venture with Investment Technology Group (ITG), was created as an agency broker-dealer and trading technology provider in 2018. [12] [13]
Saliba was previously an adviser to the Gary Sinise Foundation. [14]
He is a co-owner of the Elite Football League of India [15] and director of the Western Golf Association's Evans Scholars Foundation, [16] which awards college scholarships to caddies from modest means.
Blair Hull is an American businessman, investor, and Democratic politician.
TD Cowen, is an American multinational investment bank and financial services division of TD Securities that operates through two business segments: a broker-dealer and an investment management division.
Options Clearing Corporation (OCC) is a United States clearing house based in Chicago. It specializes in equity derivatives clearing, providing central counterparty (CCP) clearing and settlement services to 16 exchanges. It was started by Wayne Luthringshausen and carried on by Michael Cahill. Its instruments include options, financial and commodity futures, security futures, and securities lending transactions.
Lawrence D. Hite is a hedge fund manager who, along with Ed Seykota, is one of the forefathers of system trading. He is the author of the book, The Rule: How I Beat the Odds in the Markets and in Life—and How You Can Too, which was named a Wall Street Journal, LA Times, and Porchlight Books bestseller.
Joseph Jay Ritchie, better known as Joe Ritchie, was an options and commodities trader. In 1977, he founded Chicago Board Crushers, later renamed Chicago Research and Trading (CRT) and served as the head of Fox River Partners at the time of his death. Ritchie had ten children and was married to Sharon Ritchie, for over fifty years.
Option strategies are the simultaneous, and often mixed, buying or selling of one or more options that differ in one or more of the options' variables. Call options, simply known as Calls, give the buyer a right to buy a particular stock at that option's strike price. Opposite to that are Put options, simply known as Puts, which give the buyer the right to sell a particular stock at the option's strike price. This is often done to gain exposure to a specific type of opportunity or risk while eliminating other risks as part of a trading strategy. A very straightforward strategy might simply be the buying or selling of a single option; however, option strategies often refer to a combination of simultaneous buying and or selling of options.
In finance, an option is a contract which conveys to its owner, the holder, the right, but not the obligation, to buy or sell a specific quantity of an underlying asset or instrument at a specified strike price on or before a specified date, depending on the style of the option.
Susquehanna International Group, LLP (SIG) is a privately held, global trading and technology firm. SIG comprises a number of affiliated entities specializing in trading and proprietary investments in equities, fixed income, energy, commodity, index and derivative products, private equity and venture capital, research, customer trading and institutional sales.
High-frequency trading (HFT) is a type of algorithmic trading in finance characterized by high speeds, high turnover rates, and high order-to-trade ratios that leverages high-frequency financial data and electronic trading tools. While there is no single definition of HFT, among its key attributes are highly sophisticated algorithms, co-location, and very short-term investment horizons in trading securities. HFT uses proprietary trading strategies carried out by computers to move in and out of positions in seconds or fractions of a second.
Flash trading, otherwise known as a flash order, is a marketable order sent to a market center that is not quoting the industry's best price or that cannot fill that order in its entirety. The order is then flashed to recipients of the venue's proprietary data feed to see if any of those firms wants to take the other side of the order.
R. Scott Morris is an American author, financial engineer and quantitative consultant. He is president of Morris Consulting, LLC, Chief Investment Strategist of Blackthorne Capital Management, LLC, and was CEO of the Boston Options Exchange from 2006 to 2008. He has also was a Managing Director of Goldman Sachs and Partner at Hull Trading Company.
William A. Lupien was an American business executive in the financial industry. He traded actively in the financial markets throughout his career. He was a Specialist and later Exchange Governor on the Pacific Stock Exchange (PSE), a Nasdaq market maker, the Chairman and CEO of Instinet, the Chairman and CEO of OptiMark Corporation, and the Managing Director of the General Partner of a hedge fund, Kudu Partners LP. He helped develop the world's first electronic trading system. He also served on the Advisory Committee on the National Market System. In 1999 he was featured in a CNBC television series as one of five people who had changed the course of the securities industry in the 20th century.
IMC Financial Markets, sometimes referred to as IMC Trading, is a proprietary trading firm and market maker for various financial instruments listed on exchanges throughout the world. Founded in 1989 as International Market makers Combination, the company employs over 1500 people and has offices in Amsterdam, Chicago, Sydney, Hong Kong, Mumbai and other places.
Jane Street Capital is a global proprietary trading firm. It employs more than 2,600 people in six offices in New York, London, Hong Kong, Amsterdam, Chicago, and Singapore, and trades a broad range of asset classes on more than 200 venues in 45 countries.
Interactive Brokers, Inc. (IB), headquartered in Greenwich, Connecticut, is an American multinational brokerage firm which operates the largest electronic trading platform in the United States by number of daily average revenue trades. In 2023, the platform processed an average of 3 million trades per trading day. Interactive Brokers is the largest foreign exchange market broker and is one of the largest prime brokers servicing commodity brokers. The company brokers stocks, options, futures contracts, exchange of futures for physicals, options on futures, bonds, mutual funds, currency, cryptocurrency, contracts for difference, derivatives, and event-based trading contracts on election and other outcomes. Interactive Brokers offers direct market access, omnibus and non-disclosed broker accounts, and provides clearing services. The firm has operations in 34 countries and 27 currencies and has 2.6 million institutional and individual brokerage customers, with total customer equity of US$426 billion as of December 31, 2023. In addition to its headquarters in Greenwich, on the Gold Coast of Connecticut, the company has offices in major financial centers worldwide. More than half of the company's customers reside outside the United States, in approximately 200 countries.
Tradeweb Markets Inc. is an international financial technology company that builds and operates electronic over-the-counter (OTC) marketplaces for trading fixed income products, ETFs, and derivatives. Its customers include banks, asset managers, central banks, pension funds and insurance companies. Tradeweb's headquarters are in New York City.
Cboe Global Markets, Inc. is an American company that owns the Chicago Board Options Exchange and the stock exchange operator BATS Global Markets.
The Members Exchange (MEMX) is an American technology-driven stock exchange founded by its members to serve the interest of its founders and their collective client base. The founding members, which include nine major financial organizations, claim they seek to transform markets around the goals of transparency, innovation, and competition in order to align exchange services with the interests of market participants. It is a member-formed equities trading platform, and competes with the major equity exchanges: NYSE, Nasdaq, and CBOE.
A condor is a limited-risk, non-directional options trading strategy consisting of four options at four different strike prices. The buyer of a condor earns a profit if the underlying is between or near the inner two strikes at expiry, but has a limited loss if the underlying is near or outside the outer two strikes at expiry. Therefore, long condors are used by traders who expect the underlying to stay within a limited range, while short condors are used by traders who expect the underlying to make a large move in either direction. Compared to a butterfly, a condor is profitable at a wider range of potential underlying values, but has a higher premium and therefore a lower maximum profit.
Miami International Holdings, Inc. (MIH), trading as MIAX, is an American company formed in 2007 that operates global financial exchanges and execution services.
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