AGENCY TRADING

Celadon delivers innovative solutions for both technical and institutional trading styles.

Our experienced traders are adept at executing large or complex orders for our institutional clients. Where possible, we provide price improvement with minimal market impact. Celadon’s technology infrastructure supports custom order management parameters and connectivity to all principal US market centers.

Equities. With access to all major exchanges, ECNs, lit and dark liquidity pools, Celadon’s traders can execute your trades efficiently and anonymously. Our ability to execute institutional orders is comparable to that of larger firms, only we do so with a level of personalized service that is increasingly rare on Wall Street.

Options. While our agency traders have substantial experience with every asset class, we have developed particular expertise in options trading. We are fluent in complex options strategies and can efficiently execute strategies that require special attention. Our extensive experience with listed and OTC options allows us to identify actionable trading and arbitrage opportunities.

Commission Management. Defray up to the total cost of eligible brokerage and research costs consistent with applicable regulations.

Smart Order Routing. Because we operate on a broker-neutral platform, Celadon routes orders based solely on our clients’ best interests. Our smart order software offers fast and intelligent routing to market venues, helping to navigate today’s complex and highly fragmented markets.

COVERED SECURITIES

• Equities — all Exchange listed
• Options — listed equity and index
• Exchange-traded funds (including block trading)
• Over-the-counter — OTCQX, OTCQB, and PINK shares
• American depositary receipts
• Foreign ordinaries
• Global depository receipts

FIXED INCOME

Celadon’s dedicated fixed-income desks serve institutional and high net-worth clients, as well as other broker-dealers who turn to Celadon for our market competence and depth.

Our fixed-income specialists meticulously comb the markets for issues that meet the investment strategies of our institutional and corporate clients. We can source most  client orders quickly and efficiently. With access to virtually every major liquidity source, Celadon’s traders are able to obtain the broadest range of bids and offers on any particular issue.

COVERED SECURITIES

• Corporate bonds
• Municipal bonds
• US Treasury and agency securities
• Mortgage and asset-backed securities
• Convertibles
• Investment grade/cross-over
• High yields
• Distressed debt
• Special situations
• Aviation bonds & loans

LIQUIDITY SOURCES

• Bloomberg
• TradeWeb/BondWeb
• ICE Bondpoint
• The MuniCenter
• Fabkom

PRIVATE SECURITIES TRANSACTIONS

Our private securities team confidentially matches buyers and sellers of illiquid and non-listed securities.

Catering to financial institutions, hedge funds, investment advisors, and angel investors, we strive to monetize illiquid securities for investors and issuers alike. Whether the goal is raising capital, meeting balance sheet requirements, hedging, or diversification, we bring compatible transaction partners together.

COVERED SECURITIES

• Warrants
• Acquisition financing
• Contingent value rights
• Convertibles
• Equity private placements
• European debt advisory
• Hybrid financing
• Intellectual property-backed loans
• Restricted shares
• Second lien and mezzanine loans
• Senior credit facilities
• Unitranche loans
• Venture capital

MARKET MAKING

Celadon’s market-making group provides broker-dealers and financial institutions with market liquidity and depth.

We currently quote approximately 2,000 stocks and execute transactions across all principal US market venues. As a registered market maker, Celadon makes two-sided markets in exchange-listed and OTC stocks as a service to our public company, broker-dealer and institutional clients.

COVERED SECURITIES

• Listed, Nasdaq and NYSE
• OTCQX, OTCQB, PINK Current, PINK Limited, and Expert Market
• ADRs
• GDRs

PLATFORM COMPATIBILITY

• Eliminate lag time for incoming orders and outbound messages
• Communicate with all order management systems compatible with FIX (Financial Information eXchange) protocols

GLOBAL MARKETS

We provide direct access to over 35 foreign market centers.

Through our multiple custodial relationships, Celadon executes and clears exchange-listed securities in all principal foreign and domestic venues. Our team’s extensive experience trading in global and emerging markets, coupled with an array of international relationships, enables our clients to trade in virtually every corner of the globe.

• Tokyo
• London
• Hong Kong
• Shanghai
• Australia
• Bombay

OUTSOURCED TRADING

Celadon’s outsourced agency desk adds significant value by helping clients execute their strategies without tying up the capital and resources needed to maintain an in-house trading operation.

An increasing number of buy-side firms have turned to outsourced trading in recent years. Celadon’s clients benefit from our significant investment in trading operations infrastructure and technology. We can act as a primary trading desk, complement an in-house desk, or provide additional coverage on busy trading days. By leveraging our trading desk, you gain an experienced team of traders, each with product expertise developed over decades.

• Primary trading desk partnerships
• Complementary satellite trading teams
• Improved efficiency
• Comprehensive expertise
• Advanced infrastructure and technology