Toronto, Ontario–(Newsfile Corp. – February 5, 2024) – DelphX Capital Markets Inc. (TSXV: DELX) (OTCQB: DPXCF) (“DelphX“), a leader in the development of new classes of structured products for the fixed income market, is pleased to announce that industry veteran Barry Finklestein has joined the Company in the role of consultant to aid in the commercialization and development of proprietary credit products. Today’s announcement marks an important step in building a team with deep industry experience to commercialize the Company’s recently introduced Credit Rating Security (CRS), which gives portfolio managers and traders the ability to position against rating downgrades on individual bonds.
With more than three decades in the fixed income and structured products arenas, Mr. Finklestein is recognized as a both an industry expert and an innovator in the creation of programs that redefined the underwriting and trading of structured vehicles. His career includes a number of executive positions, most notably Global Head of Investment Banking at financial services firm Enigma Securities; Head of Business Development at blockchain technology company Algorand; and Managing Director at banking giants UBS and Merrill Lynch.
At Merrill Lynch, he headed the Fixed Income Structured Repackaging and Synthetic Credit businesses with responsibility for global Collateralized Debt Obligation (CDO) and Collateralized Loan Obligation (CLO) efforts; and developed the Pplus retail note program, MINTstm managed synthetic credit derivative products and STEERs program, a first of its kind private and public Special Purpose Vehicle (SPV) asset repackaging entity. At UBS, he headed the Wealth Management and Private Bank Distribution effort in the Americas for the Fixed Income Division.
“We set out to build a team with deep industry experience, so having Barry join in a consulting role brings us a recognized leader who helped shape this industry over the last decades,” said DelphX CEO Patrick Wood. “In a metaphorical sense, the bond industry has had a kind of life insurance in the form of CDOs for years, but no way to guard against rating agency downgrades that precede a full default or degrade asset value prior to the maturity date. Our CRS product is akin to health insurance for the bond market, giving portfolio managers and speculators the ability to position against rating changes during the life of a bond. We are looking forward to working with Barry to make this much-needed solution an essential part of a bond manager’s tool box.”
About DelphX Capital Markets Inc.
DelphX is a technology and financial services company focused on developing and distributing the next generation of structured products. Through its special purpose vehicle Quantem LLC, the Company enables fixed income dealers to offer new private placement securities that optimally transfer and diffuse credit risk, while allowing the enhancement of yield. The new DelphX securities will enable dealers and their qualified institutional investors (QIBs) accounts to competitively structure, sell and make markets in:
- Collateralized put options (CPOs) that provide secured rating downgrade protection for underlying corporate bonds;
- Collateralized reference notes (CRNs) that enable credit investors to take on the rating downgrade exposure of an underlying security in exchange for enhanced returns.
All CPOs and CRNs are fully collateralized and held in custody by BNY Mellon. CPOs and CRNs are proprietary products created and owned by DelphX Capital Markets.
For more information about DelphX, please visit www.delphx.com.
Mark Forney, Corporate Development
DelphX Capital Markets Inc.
[email protected]
(718) 509-2160
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.