DelphX Names New Co-CEOs

April 3, 2019

Patricia Ziegler and Stephen Bacso bring decades of combined financial services experience and technology-driven leadership

New York – April 3, 2019 – DelphX Capital Markets Inc. (TSXV:DELX) (“DelphX”) announced today the appointment of Patricia Ziegler and Stephen Bacso as co-CEOs. Founder Larry Fondren will assume the role of Executive Chairman and continue his efforts to drive the growth of the company through innovation and development of new customers.

“We’re delighted to introduce Patricia and Stephen as co-CEOs,” said Mr. Fondren. “The combination of Patricia and Stephen’s insights, expertise, and leadership will be vital as we now move to fully implement our strategy and seize the market opportunity before us. They are experienced, results-oriented executives that uniquely complement each other’s skills.”

In their respective positions as co-CEOs, Patricia and Stephen will play significant roles in raising capital, developing new customer relationships, and leading the company’s growth strategy and execution. Patricia will lead the company’s investor and public relations, corporate affairs, finance, marketing, communications and culture. Stephen will continue to lead the DelphX vision and innovation in areas of technology and product, while overseeing operations and implementation with customers.

“We are thrilled to have Patricia and Stephen jointly lead DelphX forward,” said Keith Ainsworth, DelphX Non-Executive Director. “Larry has done an exceptional job of creating a compelling and critical solution for optimal management of default risk and materially enhancing credit yields. Patricia and Stephen will bring the right strategic leadership and operational skills to grow the company, effectively execute and deliver strong financial performance.”

Ms. Ziegler joined the company earlier this year as Senior Advisor. An experienced executive with nearly 25 years in the financial services industry, she was most recently President and Chief Operating Officer of Continuum Financial Centres. Prior to that role, Patricia served in key executive leadership roles—including Chief Marketing and Corporate Strategy Officer, Chief Corporate Services Officer and Chief Operating Officer—at Financial Horizons Group, a Canada-based financial services firm. During her time there she oversaw an 800% growth in EBITDA over a 7-year period. Prior to that she served in numerous senior leadership positions at Sun Life Financial. Patricia has an MBA and has twice been named one of Canada’s most influential women in financial services.

Mr. Bacso has served as Chief Technology Officer for DelphX since 2017, leading the development and deployment of the DelphX Alternate Trading System (ATS). He is an accomplished technology entrepreneur with a track record of success. His first company PixStream developed a video networking platform for telecommunications companies that was acquired by Cisco. Stephen has also designed and implemented blockchain, machine learning and artificial intelligence technologies focused on financial asset management and personalized medicine. His work includes developing technologies to automate the management and trading of portfolios of futures and other asset classes. Stephen holds a Bachelor of Science from University of Western Ontario and an MBA from the Richard Ivey School of Business.

For more information about Ms. Ziegler and Mr. Bacso, visit:

About DelphX

DelphX is a technology and financial services company focused on optimizing fixed income markets. Its Cloud-based platform employs distributed ledger technology, actuarial science and reinsurance protocols to enable fixed income dealers to offer new Rule 144A securities that optimally diffuse credit risk. The new DelphX platform will be regulated by the SEC and enable dealers to competitively structure, sell and make markets in:

  • Covered Put Options (CPOs) that provide secured default protection for underlying corporate, municipal and sovereign securities, with each CPO strike-price equaling the par value of its underlying security
  • Covered Reference Notes (CRNs) that enable credit investors to take on the default exposure of a single underlying security or optionally participate in a pool of diversified risks that broadly diffuses the impact of credit events.

All CPOs and CRNs will be collateralized by investment grade assets held in custody by an independent custodian and transparently administered within DelphX’s immutable distributed ledger. A traditional book-entry record of each security will also be maintained in parallel by an independent issuing and paying agent to provide additional transparency and efficiency.

For more information about DelphX, please visit


Patricia Ziegler, Co-CEO
DelphX Capital Markets Inc.

E: [email protected]

Forward-Looking Statements

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. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: the state of the capital markets, tax issues associated with doing business internationally, the ability of DelphX to successfully manage the risks inherent in pursuing business opportunities in the financial services and Blockchain 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 securities laws, DelphX disclaims any intent or obligation to update 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.