NEW YORK, April 16, 2007 (PRIME NEWSWIRE) -- Quadriserv, Inc., a pioneering provider of price transparency and efficiency to the securities lending industry, announced today that Peter Borish and John H. Eley, two veteran financial services executives, have been added to the Company's Board of Directors. The Company also announced that George Kledaras, who serves as CEO of Kledaras Technologies, will depart the Board while continuing as an advisor to the Company. This move enables George to devote additional time to his involvement in other ventures, specifically FixML Flyer and Cecil Rep.
Mr. Borish's experience includes more than 20 years managing and overseeing complex market structures. He is currently Chairman and CEO of Computer Trading Corporation (CTC), a multi-strategy hedge fund managing assets in the derivative markets using Mr. Borish's own proprietary trading and risk management models. He is also active in the futures industry, where he is currently a special advisor to the Board of Directors of the Chicago Board of Trade, as well as the Chairman of the Institute for Financial Markets.
Mr. Eley is also a 20-year veteran of the financial services and technology business, spanning both regulated and unregulated financial markets. He has a particular interest in market structure issues, and has co-developed three innovative financial marketplaces -- the Cantor Exchange, OnExchange and Hotspot FX.
Joseph Weinhoffer, Co-founder and CEO of Quadriserv, stated, "The addition of Messrs. Borish and Eley to Quadriserv's Board will add tremendous value to our business, and we welcome them to the team. They both possess a strong track record in bringing innovative financial technologies to market -- experience that will serve Quadriserv well as we continue the rollout of our transparent and efficient securities lending technologies. Separately, we want to thank George for his contributions as a Director to Quadriserv and look forward to him acting as an advisor to our Company in the future."
In addition to his current role as Chairman and CEO of CTC, Mr. Borish was Senior Managing Director and then Chairman of the Board of Directors of OneChicago, LLC, The Security Futures Exchange from 2001 through 2006. Previously, Mr. Borish led a team of researchers, traders and systems developers at Tudor Investment Corporation, where he was a founding partner. He was also previously employed at the Federal Reserve Bank of New York. Mr. Borish is a founding member of the Board of Directors of the Robin Hood Foundation and Math for America Foundation, and holds a master's degree in Public Policy from the Gerald R. Ford School for Public Policy Studies at the University of Michigan, where he also earned a B.A.
Mr. Eley's additional experience includes leadership of Hotspot FX, Inc., the leading foreign exchange market, where he was President and CEO from October 2002 through July 2006. During his tenure, Hotspot's annual revenues grew from $2 million to $26 million. Hotspot was subsequently sold to Knight Capital Group in a cash transaction valued at $90 million. Prior to joining Hotspot, Mr. Eley was the CFO of OnExchange, an innovative provider of software to the futures industry. Mr. Eley has also held senior trading, portfolio management, IT, business development, risk management and investor relations positions at Cantor Fitzgerald/eSpeed and Citibank, both domestically and overseas.
About Quadriserv, Inc.
Founded in 2001 by a group of industry veterans, Quadriserv is the parent company of a NASD broker/dealer that enhances the efficiency of the securities lending industry through the operation of an automated securities lending marketplace. Quadriserv provides confidential, un-conflicted daily price discovery and transparency by anonymously and directly connecting borrowers and lenders of securities. As a result, beneficial owners better realize the full intrinsic value of the securities they are lending, while hedge funds and other asset managers reduce short-selling costs by borrowing securities directly from beneficial owners of assets. For more information, please visit: www.quadriserv.com.