Clear Street hires Trimble ahead of futures clearing launch

Clear Street has hired experienced derivatives expert Steve Trimble in futures sales, marking the latest high-profile appointment by the US group as it prepares to launch a clearing broker.

Trimble, who has nearly 40 years’ experience, joined Clear Street last month as a Chicago-based director of futures sales.

A spokesperson for Clear Street confirmed the appointment but declined to comment further.

Trimble was most recently with Marex where he worked for seven months in sales before leaving that broker in June this year. Previously, he spent three-and-a-half years in sales at ED&F Man Capital Markets until that business was acquired by Marex in late 2022.

Before ED&F Man Capital Markets, Trimble spent three-and-a-half years as a managing director of Wedbush Securities, a year as a consultant with his own firm, seven years as an executive director at JP Morgan and nearly fifteen years as a managing director at Bear Stearns. He started his career as a market-maker on the Chicago Mercantile Exchange in 1984.

Trimble’s appointment to Clear Street reunites him with Chris Smith, the founder and former chief executive officer of ED&F Man Capital Markets, who joined Clear Street in August as chief executive of Clear Street Futures, a new futures clearing service set for launch next year.

That appointment came less than one year after Chicago-based Smith left ED&F Man Capital Markets as part of the deal to sell that business to British rival Marex.

The US firm's chief operating officer Andy Volz said two weeks ago Clear Street's application to launch a US futures clearing broker was "still subject to regulatory approval".

Clear Street hired in late October John DiBacco as the US prime broker's global head of derivatives.

Also last month, Clear Street hired three senior managers in preparation for the firm's proposed futures clearing launch.

The prime broker said in September it would boost its leadership ranks to manage its expansion across various functions including futures clearing.

New York-based Clear Street signalled in July its plans to move aggressively into futures clearing building on its acquisition of fintech React Consulting Services.

Clear Street secured in April a $270m (£217m) investment from private equity firm Prysm Capital, the second tranche of a $435m Series B funding round.