- Grillo to start June 1 as president, reporting to Estes
- Firm’s platform seeks to bolster liquidity in older Treasuries
Robert Grillo, the former head of fixed-income electronic sales at Bank of America Corp., has joined startup Treasuries trading platform OpenDoor Trading as president.
Grillo, 49, will start June 1 and will report to Susan Estes, chief executive officer, he said in an interview Monday. Grillo left Bank of America in March.
His task at OpenDoor, which seeks to boost liquidity in older Treasuries, will be to “expand the growing pool of primary dealers, central banks, asset-management firms and other institutional investors supporting the pending launch," according to an e-mailed statement from the Jersey City, New Jersey-based firm.
OpenDoor plans to start its platform this year to connect buyers and sellers of older Treasuries and Treasury inflation-protected securities amid growing concern that liquidity in the $13.4 trillion Treasuries market is suffering as a result of regulations introduced following the financial crisis.
In the past few months, banks, investors and other market participants have written letters to the Treasury Department saying it’s become more difficult to trade older securities without moving prices.
“It’s still the most liquid fixed-income product, but it’s materially less liquid than it was,” Grillo said.
This marks the company’s second senior hire this month, following the appointment of Guy Haselmann, former head of capital-markets strategy at primary dealer Bank of Nova Scotia, as managing director.