麻豆传媒

Home   News   Features   Interviews   Magazine Archive   Symposium   Industry Awards  
Subscribe
麻豆传媒
Leading the Way

Global 麻豆传媒 Finance News and Commentary
≔ Menu
麻豆传媒
Leading the Way

Global 麻豆传媒 Finance News and Commentary
News by section
Subscribe
⨂ Close
  1. Home
  2. Technology news
  3. tZERO: Byrne departure won鈥檛 stop product launch
Technology news

tZERO: Byrne departure won鈥檛 stop product launch


09 September 2019 New York
Reporter: Drew Nicol

Generic business image for news article
Image: Shutterstock
The CEO of blockchain trading venue tZERO has assured investors that the sudden, high-profile loss of Patrick Byrne as CEO of tZero鈥檚 parent company, Overstock.com, will not derail upcoming updates to its securities lending services.

Saum Noursalehi, who became CEO of tZERO in May 2018 after 14 years rising through the ranks of Overstock.com, published a letter to investors addressing recent events and clarifying the firm鈥檚 roadmap for the coming months.

鈥淲hile we are sad to see him go, I can assure you that Patrick鈥檚 departure will have no impact on tZERO鈥檚 day-to-day operations or the execution of our roadmap,鈥 the letter reads.

Byrne resigned in August, citing his on-going involvement in an investigation into potential Russian espionage in the US by the Federal Bureau of Investigation as making his role leading the online retailer untenable.

Elsewhere, Byrne has also been an outspoken critic of the securities lending and short selling markets, which he has accused of being too opaque to be managed effectively.

In 2017, while speaking at the Money20/20 financial technology conference in Las Vegas, Byrne further argued that the settlement crisis of September 2008 was .

He has also clashed with those seeking to who he believes wish to see his blockchain alternative trading venue fail.

Byrne was succeeded by Jonathan Johnson, who stepped in as interim CEO, while also continuing as chairman of tZero鈥檚 board.

Elsewhere in the letter, Noursalehi highlighted plans to enhance and build out tZERO鈥檚 securities lending solution as one of the firm鈥檚 key priorities for the rest of the year.

tZERO plans to launch the next iteration of its digital locate receipt (DLR) product next month, which aims to provide clear and accurate insights into pricing and inventory orders, to reduce transaction costs.

In August, tZERO completed the market data feed portion of DLR 2.0, which aggregates the supply of hard-to-borrow inventory from multiple sources.

According to Noursalehi, the next phase, due in October, is to integrate this technology into tZERO鈥檚 order management system, which should allow short sellers to introduce bids and receive locates on hard-to-borrow stocks.

In a statement on the update, tZERO said that these two developments will increase efficiency and reduce failures to deliver for global securities.









Next technology article →

We鈥檙e ready for Brexit, says EquiLend
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 麻豆传媒 Finance Times
Advertisement
Subscribe today
Knowledge base

Explore our extensive directory to find all the essential contacts you need

Visit our directory →

Discover definitions, explanations and related news articles in our glossary

Visit our glossary →