Toronto, Ontario–(Newsfile Corp. – January 9, 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 expert Jeffrey Nabi has joined the Company as Managing Director, Credit Product Sales, to spearhead the new sales team and the commercialization phase of the DelphX Credit Rating Security (CRS) product. Today’s announcement marks a major milestone as the operational starting point for the Company’s wholly-owned broker dealer and creates the potential for significantly improved margins on each transaction. The DelphX CRS product is a novel new offering in the space — giving bond holders and traders the ability to position against potential rating changes on existing bonds.
Mr. Nabi is an industry veteran with senior-level experience across multiple structured product categories including mortgage and asset backed securities, fintech banking, and deal structuring and investment. Most recently, he served as Head of Capital Markets for Imperial Fund, where he helped launch the fund’s securitization program, which produced 15 deals totalling $4.9 billion in non-qualified mortgage loans. His role at Imperial included supervising day-to-day capital markets as a key Member of the Executive Management Team, with oversight of warehouse funding relationships, and development of key alliances with funding partners, investment banks, and rating agencies, as well as helping with monitoring of credit and interest risks and portfolio modelling.
Previously, Mr. Nabi also served as Chief Financial Officer and Head of Capital Markets at education lender Funding U; Managing Director – Debt Capital Markets at Cantor Fitzgerald; and held senior positions at bond insurers Assured Guaranty, Ambac and Financial Security Assurance; in addition to positions at Deloitte & Touche and Goldman Sachs. His experience in the financial markets is comprehensive, covering both debt and equity, investment, underwriting, risk assessment and mitigation, and involvement in structured finance and asset-backed securities secondary markets.
“We are very excited to have someone of Jeffrey’s caliber join DelphX to lead our internal sales team,” said DelphX CEO Patrick Wood. “His resume is a perfect blend of both investment and risk mitigation experience, giving him a working knowledge of the target customers required on both sides of each CRS transaction. From an organizational standpoint, Jeff has a proven track record developing new business and managing teams at several successful companies in the structured products space, making him an ideal candidate to lead our sales effort. With close to two decades in various segments of finance, he also brings with him a seasoned contact list that will significantly expand our outreach to potential customers.”
“I have been fortunate during my career to align myself with a number of strong growth opportunities where I was able to build successful business units,” explained new Sales Lead Jeffrey Nabi. “That is exactly the kind of scenario I envisioned when I was introduced to the DelphX CRS product, as it fills an unmet need across a very large market where I already have deep roots.”
The company also wishes to announce that its Board of Directors has approved the grant of 900,000 stock options (the “Options”) to eligible participants under its stock option plan (the “Plan”). The Options have a two-year maturity and are exercisable for common shares of DelphX at an exercise price of $0.25 per common share, all in accordance with the Plan.
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 default protection or rating downgrade protection for underlying corporate, municipal and sovereign securities;
- Collateralized reference notes (CRNs) that enable credit investors to take on the default or rating downgrade exposure of an underlying security in exchange for enhanced yield.
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.
Patrick Wood, Chief Executive Officer
DelphX Capital Markets Inc.
This news release contains certain “forward-looking statements” including, without limitation, statements regarding the launch of the DelphX platform. Such forward-looking statements involve risks and uncertainties, both known and unknown, that may cause actual results or events to be materially different from those expressed or implied by such forward-looking statements, including but not limited to, business, economic and capital market conditions, regulatory uncertainties, and the demand for our products. The forward-looking statements in this news release are based on factors and assumptions regarding, among other things, the state of the capital markets, the ability of DelphX to successfully manage the risks inherent in pursuing business opportunities in the financial services industry, and the ability of DelphX to obtain qualified staff, equipment and services in a timely and cost-efficient manner to develop its business. Any forward-looking statement reflects information available to DelphX as of the date of this news release and, except as may be required by applicable laws, DelphX undertakes no intent or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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.