Former Cboe CEO Ed Tilly to Lead Clear Street’s Brokerage Business

Ed Tilly Takes the Helm as President of Clear Street to Drive Brokerage Business Growth

Editorial Team (ET)June 23, 2025

Ed Tilly, the former CEO of Cboe Global Markets Inc., has taken on a new challenge in the fintech world by joining Clear Street, a burgeoning brokerage-services provider valued at $2 billion. Starting July 21, Tilly will serve as the president, aiming to bolster Clear Street’s brokerage business both in the US and internationally. This move marks a significant milestone in Tilly’s illustrious career and highlights Clear Street’s ambition to reshape the financial services industry.

Who is Ed Tilly?

Ed Tilly is a seasoned veteran in the financial markets, known for his transformative leadership at Cboe Global Markets Inc. His career began as a trader on the floor of the Chicago Board Options Exchange in the 1980s. Rising through the ranks, Tilly eventually became the CEO, a position he held for a decade. During his tenure, he more than tripled Cboe’s share price and increased its market value from approximately $2 billion to $18 billion. Tilly’s legacy includes expanding Cboe’s global footprint and pioneering electronic trading innovations, such as the widely known VIX index and zero-day options.

Clear Street: An Overview

Clear Street, co-founded by Chris Pento in 2018, is on a mission to overhaul the outdated infrastructure that has long dominated capital markets. The fintech firm offers a prime-brokerage platform designed to save clients money and enhance efficiency. Clear Street’s services cater to both institutional and retail investors, providing securities financing, lending, clearing, settlement, trading execution, custody, investment banking, and more. With a client base ranging from asset managers and hedge funds to family offices managing assets between $50 million and $50 billion, Clear Street is rapidly gaining traction in the financial industry.

Ed Tilly's New Role

As the new president of Clear Street, Ed Tilly will be instrumental in driving the company’s brokerage business forward. Reporting directly to CEO Chris Pento, Tilly will be based at Clear Street’s headquarters in New York. His responsibilities will include overseeing strategic initiatives, expanding the firm’s market presence, and leveraging his extensive experience to foster innovation and growth.

Impact on Clear Street

Tilly’s appointment is expected to significantly boost Clear Street’s growth trajectory. His vast experience in executing large transactions, product development, and global expansion aligns perfectly with Clear Street’s ambitious goals. CEO Chris Pento expressed confidence in Tilly’s ability to accelerate the company’s momentum, citing his proven track record and visionary leadership.

Strategic Hires at Clear Street

Clear Street has been attracting top-tier talent to support its expansion. Last year, the firm appointed Steve Bisgay, former CFO of Cantor Fitzgerald, as its finance chief. More recently, Atul Pawar, a veteran from Goldman Sachs Group Inc., joined as chief risk officer. These strategic hires underscore Clear Street’s commitment to building a robust leadership team capable of navigating the complexities of the financial markets.

Clear Street’s Expansion Plans

Clear Street’s growth strategy encompasses both domestic and international markets. Initially focused on equities, the firm has expanded into options, fixed income, and futures. Now, Clear Street is eyeing further expansion into Europe and Asia, aiming to bring its innovative brokerage services to a global clientele. This international push is a testament to the firm’s ambition and confidence in its business model.

Technological Innovation

At the heart of Clear Street’s success is its dedication to technological innovation. The firm aims to replace legacy trading systems from the 1970s and 80s with a modern, agile platform. This approach not only enhances efficiency but also provides a seamless experience for a diverse range of traders and investors. By leveraging cutting-edge technology, Clear Street is setting new standards in the brokerage industry.

Prime Brokerage Services

Clear Street offers a comprehensive suite of prime brokerage services tailored to meet the needs of institutional and retail investors. These services include securities financing and lending, clearing and settlement, trading execution, custody, and investment banking. Clear Street’s clients benefit from a streamlined, efficient platform that supports various asset classes and trading strategies.

Financial Performance

Clear Street’s financial performance has been impressive, highlighted by its recent funding round. In December, the firm raised $685 million, boosting its valuation to $2.1 billion. This capital infusion is set to fuel further expansion and innovation, reinforcing Clear Street’s position as a formidable player in the fintech space.

Market Expansion

Clear Street’s entry into new markets, such as options, fixed income, and futures, marks a significant milestone in its growth journey. These expansions allow the firm to offer a broader range of services and cater to a more diverse clientele. Looking ahead, Clear Street plans to extend its market operations to Europe and Asia, tapping into new opportunities and driving global growth.

Leadership Vision

Under the leadership of CEO Chris Pento, Clear Street has embraced a vision of innovation and growth. Pento’s strategic foresight and commitment to excellence have been pivotal in the firm’s rapid ascent. He believes that with Ed Tilly on board, Clear Street is well-positioned to continue its upward trajectory and achieve new milestones in the financial services industry.

Challenges and Opportunities

While Clear Street is poised for growth, it must navigate several challenges inherent in the fintech and brokerage sectors. These include regulatory hurdles, technological advancements, and competitive pressures. However, the firm’s innovative approach and strategic hires position it well to capitalize on opportunities and overcome potential obstacles.

Tilly’s Perspective

Ed Tilly is enthusiastic about his new role at Clear Street. He views the opportunity to work with innovators and problem solvers as a natural extension of his career. Tilly is confident that his experience and Clear Street’s vision will drive the firm to new heights. His insights and leadership are expected to be invaluable assets as Clear Street continues to expand and innovate.

Conclusion

Ed Tilly’s appointment as president of Clear Street marks a significant milestone for the fintech firm. With his extensive experience and proven leadership, Tilly is poised to help Clear Street achieve its ambitious goals. As the firm expands its services and enters new markets, Clear Street is set to revolutionize the brokerage industry. The future looks bright for Clear Street, and Tilly’s leadership will undoubtedly play a crucial role in its continued success.

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