South Street Securities (SSS) has launched its new equity finance business, led by industry veteran Anthony Venditti.
The US broker-dealer aims to leverage its capital base and balance sheet to become a niche player in the specials (hard-to-borrow) space and provide multiple solutions regarding the financing of securities and collateral.
SSS says the new business will offer a suite of services including 'daily colour', an easy-to-borrow list, short sale approvals, historical rate information, fails coverage, and put/run throughs, along with research and commentary.
At its launch, the equity finance business will offer products in global hard-to-borrows, exchange-traded funds (ETFs), general collateral, American depositary receipts and global depository receipt.
SSS has already confirmed a roadmap to future products including corporate bonds, options, equities and ETF futures, margin loans and special situation trading and facilitation.
In a statement on the launch, SSS says its equity finance team has “the perfect combination of skill, knowledge, technology and abundant relationships that could help service all of your short covering and financing needs”.
Spearheading the launch, Venditti joined SSS as head of equity finance in February 2020.
Venditti left his role as co-head global prime finance and delta one trading at BMO in July 2019, but has now returned to the securities financing market to leverage his more than 30 years of experience building out SSS’ new business.
Last month he was joined by Frank Giusti from Societe Generale and Doug Wilkinson from Cantor Fitzgerald to enhance SSS securities lending and equity finance expertise.
Based in New York, SSS was founded in 2001 and has been in the securities finance market since 2004.
SSS’ primary markets and clearing providers include Options Clearing Corporation and Euroclear.
