Paul H. Constantino
Senior Capital Markets Professional with extensive industry experience in trading, derivatives, risk, and associated technologies.
CTT Advisors (www.cttadvisors.com)
Managing Partner (Dec 2013 – Present)
CTT Advisors is a capital markets consulting company focusing on trading and risk technologies. Notable Engagements;
Corporate Bond ETF Arbitrage Trading Strategy (Name Confidential, Aug 2014 – Present) – Currently running an automated, fully electronic corporate bond, ETF arbitrage trading strategy. The trading model is implemented in VBA with Excel as a front end, interfaces electronically with numerous ECNs (TradeWeb, KCG, TMC currently) and incorporates a robust data model. See www.cttadvisors.com/strategies.
Wells Fargo Securities
CVA Program Consultant (Dec 2014 – Apr 2015)
Lead the design and development phase of a global CVA program to revamp existing counterparty credit risk models and associated technologies covering all risk assets included in CCAR, Bank Stress tests, and Volker reporting in compliance with Dodd-Frank and Basel III as well as in response to MRAs from the FRB.
Eagle Seven Trading
Senior Consultant (Dec 2013 – May 2014)
Lead the design and development of a fully automated, electronic trading program in the US credit markets for niche proprietary trading shop in Chicago. Fultech Consulting
Managing Partner (2008 –2013)
Fultech Consulting is a capital markets consulting company focusing in the design and development of enterprise level trading and risk solutions for Tier 1 Capital Markets Clients. A list of select Client engagements and related information is provided below. The company was sold in an asset sale to a Chicago based technology company (name confidential) in 2013. Notable Engagements
Risk Solution for CFTC – Responding to a GSA contract, the Fultech leadership team designed and developed a new Risk Solution using embedded database technologies (McObject) and memory mesh (Kove) resulting in the ability to calculate firmwide exposure in real-time (VaR using simulation and monte carlo). The solution was designed to generate provide firmwide exposure in response to regulatory requirements in DFA, Basel III, EMIR, and miFid. See http://www.businesswire.com/news/home/201***********/en/Kove-Fultech-McObject- Demonstrate-65-Terabytes-Hour
Pre/Post Trade Investment Compliance and Trade Oversight Solution (Putnam Investments) – Co-development of a new pre and post trade investment compliance and trade oversight solution
Development of a DCO/SEF prototype on Calypso (State Street Global Markets)
Dodd-Frank related projects
o Title VII rules effects on trade workflow and reporting requirements (BNYM) o OTC derivatives system configuration for a DCO (State Street Global Markets) o Summit team for supporting OTC derivatives group at Custodian (BNYM)
Development of margin calculation and risk functionality for FCM/Prime Broker (Mizuho Securities)
Managed Futures Commodity Fund Launch (ticker CFD on the AMEX for Nuveen Asset Management) – Lead all aspects of the release of a new managed futures commodity fund. o Press Release -
Order Management System Selection and Planning (Nuveen Asset Management) – using Fultech RFP and scoring methodologies, the Fultech Team lead the analysis of various third party Vendor portfolio management and trading systems selecting Charles River as a result of the process.
Ultra-High Frequency Trading Platform (Mizuho Securities) – Lead the effort as Solution Partner on development of a high frequency trading platform incorporating portfolio swaps at Mizuho Securities in Tokyo. The platform was designed in a joint effort between the Fultech advisory team and the Client from inception. Press Release - http://www.asiaetrading.com/mizuho-securities-starts-high-frequency-trading-on-the- tse/?offset=-5
IBM Global Business Services
Partner, Financial Markets, Trading Solutions Group (2006 – 2007) Lead Partner responsible for growth and development of the Trading Solutions Group focusing on comprehensive solutions in the derivatives space. The Group developed custom solutions on the Calypso platform for interest rate and credit derivatives as well as expanded coverage and work on systems like Murex, Sophis, Summit, Front Arena and Martini. Select Client Engagements
UBS Global Asset Management – Full systems and requirements analysis and recommendations on new trading system (front, middle, back) to support listed and OTC derivatives products.
UBS Global Asset Management – (in addition to above) Full systems strategy analysis and recommendations on new trading system (front, middle, back) to support listed and OTC derivatives products.
UBS Investment Bank – Implementation partner on next generation global risk, collateral and margin management and price valuation platform.
Landesbank Baden Wurttemberg – Implementation Partner for Global Calypso implementation starting with interest rate and credit derivatives (USD 6 Million with USD 12 Million option).
Calypso fast-track implementation solution set up at IBM center in India using proprietary Solution/Implementation Model.
Director - Capital Markets Practice (2005 – 2006)
Director of a global capital markets consulting practice focusing on trading systems in the derivatives space. The team grew rapidly (over 400% in one year), designed a customized fast-track solution on the Calypso platform for interest rate and credit derivatives and covered other vendor products such as Open Link EnDur, Murex, Summit, Martini, Front Arena, and Algorithmics RiskWatch. Select Client Engagements
o Calypso assessments for new structured products
o Calypso offshore custom solution for production support and QA covering interest rate and credit derivatives team (to scale to 85 man team offshore) o Patch releases and upgrades to Calypso accounting and reporting modules o Set up Open Link EnDur team to support Energy Trading Desk onshore and offshore
Wells Fargo – Designed and implemented upgrade to new version of Calypso trading platform for interest rate and credit derivatives (USD 1 Million).
Barclays Global Investors – Implementation Partner for Calypso implementation in credit and interest rate derivatives deploying an initial team of 25 Calypso trained personnel (USD 5 Million).
Reuters – Assessment and analysis of global trading platform for major data provider over their terminal system with subscription by most global FX trading desks. Project beginning with redesign of workflow for entitlements and expanding to trade OMS, workflow and counterparty execution functionality.
Fixed Income/Derivatives Practice Leader (2004 – 2005) Lead a global Fixed Income/Derivatives consulting practice for Headstrong, Inc. Select Client Engagements
Morgan Stanley Prime Brokerage Risk Group (IT) – Lead team of consultants to conduct requirements analysis and implement strategic and tactical solutions for data sources, structures and components feeding the modified Algo Risk Watch model. Team provided SME support in structured products (CMO, CDO, CDS, ABS) for the Prime Brokerage Risk IT Group
Nomura – Created a customized synthetic prime brokerage trading desk/solution for Client, incorporating various 3rd party vendor products (Martini, Ktek/Global One, Dragon). Chicago Technology and Trading
Managing Partner (2001 – 2004)
CTT provides custom e-commerce consulting services in the capital and financial markets, insurance and legal services industries.
Founder/Director/CIO (1998 – 2001)
eBondUSA created a real-time fixed income exchange (ECN, Reg. ATS) in the municipal bond market
Pocantico Partners, L.P.
Partner/Portfolio Manager (1996 – 1998)
The Pocantico fund traded municipal bond arbitrage and interest rate swaps based on statistical pricing models created by the Partners.
Constantino Trading Company
Sole Proprietor/Trader (1995 – 1996)
Traded financial futures (financials and commodities) for proprietary account and developed a fixed income arbitrage strategy as a listed commodity pool operator and trading advisor (CPO/CTA). First Chicago Capital Markets
Market Maker/Arbitrageur/Structurer (1989 – 1994)
Institutional Trader in taxable and tax-exempt fixed income, derivatives and structured products at First Chicago Capital Markets. Ran the arbitrage book and co-managed the swaps book incorporating proprietary pricing algorithms to determine fair value in cash, derivatives and swaps. Vendor Experience
Lead RFPs and developed solutions on the following Vendor applications; SunGard (Front Arena/GMI/Apex/Martini/Adaptiv), Calypso (IRD/CD/FX), Murex (IRD/CD/FX), Summit
( IRD/CD), Fidessa (EQY/EQY Options/Corp Actions), Numerix (risk, multi asset class), Algorithmics
(Risk Watch), Portia (FI and derivatives accounting), Wilshire Axiom (analytics on FI and structured products
License, Study, Professional Activities
Series 3, 7, 24 and 65 licenses (recently expired due to broker-dealer requirement) CPO/CTA – Constantino Trading Company was a registered CPO/CTA Proficient in MSFT technologies (web, .net, office, project) and Visio Director – The Buoniconti Fund to Cure Paralysis, Chicago Chapter Education and Background
University of Notre Dame Graduate School of Business – 1989 MBA concentration in Finance and International Business Duke University – 1986
A.B., Major – Political Science
Captain, Duke Football 1986
Trading Solutions and strategies for 3rd party product implementations in the derivatives space (notably the Calypso fast-track solution for interest rate and credit derivatives)
Bond Valuation Pricing Model for taxable and tax-exempt fixed income securities and associated synthetics (Patent Pending 61/458,183)
Workflow/Process flow for structured products
Prime Brokerage/Synthetic Prime Brokerage to support Hedge Fund/Portable Alpha Strategies
Lead Equity Portfolio Swaps Webinar in joint production with SunGard Financial
Panel Discussion Speaker - Trading Opportunities in FX and Other Asset Classes: HFT Trading, Algorithms and Best Execution (http://www.themankoffcompany.com/ChicagoHFT/)