Why TRÉAN Group? | Our Value Proposition PDF Download
YOUR BOUTIQUE EXCHANGE-TRADED DERIVATIVES SERVICE PROVIDER
Pit Brokerage, Futures Clearing, and Client Execution
As the largest brokerage firm in the SOFR options pit at CME, we pride ourselves on leading the market. Our execution team caters to a wide range of clients, including hedge funds, dealer desks, market-making partners, and risk mitigators.
We are constantly expanding our clearing network to offer clients enhanced flexibility for tailored deals. In fact, we are rapidly growing our presence in the synthetic funding market, providing expert insights and serving as an agency provider. Our innovative Clearing & Sales Division seamlessly connects capital providers with managers.
At TRÉAN, we collaborate across the entire trade process to ensure seamless operations. We are always expanding our clearing relationships to unlock more opportunities in the ETD market, while introducing trading partners to new capital sources since early 2023.
About TRÉAN Group
We provide professional clearing, execution, and brokerage services for proprietary traders, professional trading groups, and institutional clients.
Our Mission
TRÉAN Group is a specialized derivatives firm committed to providing expertise in every aspect of the trade process. Our mission is to provide the highest standards of integrity and professionalism from introductions and account on-boarding, through the clearing process, including back office processing. Our team of industry experts is driven to know and understand our diverse client base and provide total support to develop a long-term relationship.
Origin of the TRÉAN Name
The word TRÉAN is Gaelic for strength. This is what we bring to the futures industry and our clients. Having witnessed the meltdown of the financial markets during the Great Financial Crisis (GFC) of 2008 and the evolving paradigm that followed. We believe in uncertain times futures clients need security, consistency, and transparency while remaining flexible to the ever-changing financial landscape.
Our Story
TRÉAN Group was founded in 2010, but the seeds of the dream were planted much earlier. Even before the Great Financial Crisis of 2008, three market veterans, Nancy Stubenrauch, Pete Kosanovich, and Stephen French, foresaw the need for a better model in futures’ clearing and execution services, knowing together they could provide a more cohesive and effective model than the current marketplace provided. The GFC and the ensuing breakdown of the previous clearing and execution framework confirmed what they had predicted. On the heels of the GFC Crisis, the founding of TRÉAN Group as an Independent Introducing Broker (IIB) in 2010 gave the team the ability to place client business with the most appropriate Futures Clearing Merchant (FCM), thereby best serving the client’s trading needs and financial concerns. The TRÉAN partners built their business on relationships and being a trusted solution provider for their clients; now, the firm was positioned to bring even greater resources while adding increasing value to their client proposition.
As a fully registered IIB with the National Futures Association (NFA), TRÉAN Group LLC has the ability to offer our clients the best fit for technology, capital, strategy, and trading among our various FCM partners; growth for TRÉAN has been steady and consistent, with every decision based on adding experts and increasing the firm’s ability to provide guidance at every step of the Exchange Traded Derivatives (ETD) process. By 2016, TRÉAN Group had industry experts in place across clearing, execution, and brokerage services. The next addition was adding direct institutional client advisory execution services; Matthew Carinato joined TRÉAN Group in 2016 to head this endeavor.
TRÉAN Group will always put clients first, listening to their needs and formulating a plan that best serves those mandates; we pride ourselves on delivering accurate, quick, and reliable responses throughout the trade process, all delivered from a single point of contact backed by the expertise and experience of our strong team. We believe integrity, trust, and education are imperative to maintaining client relationships, and we are always looking to enhance our services and expertise to give our clients an edge in today’s dynamic marketplace.
Management
Our highly experienced and talented management team, with decades of deep trading and financial industry experience, provides strong leadership to deliver the best possible customer experience.
Pete Kosanovich
Managing Member & CEO
Pete brings over 28 years of experience in the futures and options business. In 2010, Pete combined businesses with Nancy Stubenrauch and Steve French to form TRÉAN Group, LLC, after running his own brokerage-focused firms, Brisbane Brokerage and Thorntree Enterprises since 2004. Pete had a vision of growing brokerage to direct client execution and clearing services that has proven a winning combination for TRÉAN and its clients. Over the years Pete honed his trading floor experience serving major institutional clients including banks, funds, and global hedgers.
Pete graduated from Purdue University and is a member of the Chicago Mercantile Exchange (CME). He has been a member of the CME for over 25 years, serving on numerous committees during that time.
312-604-6200
Nancy Stubenrauch
Managing Member & CFO
Nancy brings over 35 years of experience in every facet of the Exchange Traded Derivatives (ETD) business to the TRÉAN organization. She began her career as a staff accountant on audit exceptions at Merrill Lynch, Pierce, Fenner and Smith in 1982. She then transitioned to Lake Options, later First Options, as a staff accountant from 1984 to 1986. Nancy pursued her next opportunity as an accountant with Saul Stone/Hammer Trading, until the business was sold, and Nancy became the CFO of Hammer Trading, a division of Refco, Mann Financial, and MF Global until 2010.
In 2010, Nancy realized her long-held personal goal of business ownership by combining her talents and strengths with those of Steve French and Pete Kosanovich to form TRÉAN Group, LLC, an Independent Introducing Broker. Since then, Nancy has led clearing initiatives at TRÉAN while serving in the role of Managing Member and CFO. Nancy and her partners have utilized their various talents to expand TRÉAN’s footprint across all facets of the futures clearing and trading business. Nancy is an approved principal and Associated Person with the NFA, with current Series 3 and 30 licenses, as well as a member of the CME. Nancy has a BS from the University of Illinois, majoring in Mathematics and Accounting.
312-604-6200
Matthew J. Carinato
Partner & COO
Matt joined TRÉAN Group, LLC in 2016, bringing over 30 years of experience in Exchange Traded Derivatives (ETD), after having served as an Executive Director at UBS Securities, LLC from 2004 to 2016. At UBS, he served as the Head of Chicago ETD Sales and Trading, along with serving as Chicago Branch Manager for the UBS Investment Bank. He was a Member of North America FRC (FX, Rates, Credit) Distribution Executive Committee, while presiding over several North American working groups, including one that oversaw redesign of “24 Hour” offering, located in Chicago. Matt was also integrally involved in the “UBS NEO” strategy, rolling out CLOB (“Central Limit Order Book”) and full agency trading and execution functionality to both current and prospective clients. Before UBS, Matt was at ABN Amro, Citigroup, Dean Witter, and Smith Barney.
Matt focuses on increasing incremental agency-driven revenue at TRÉAN. Lately, Matt has shifted several TRÉAN resources to focus on providing alternatives in synthetic funding, a sector where TRÉAN has enjoyed significant growth and market share acquisition. Matt received a Bachelor of Science Degree from Northwestern University, is a member of the Chicago Mercantile Exchange (CME), and is NFA registered, including as the Swaps Principal for TRÉAN Group with a Series 3 license.
312-604-6403
The TRÉAN Team
Andrew Carolan
Head of Execution Sales
Andrew has over 25 years of experience in financial markets, starting his career as a derivatives trader at the Chicago Board Options Exchange. He has been in derivatives sales for the last 22 years including 12 years at UBS as a Director in Exchange Traded Derivatives (ETD).
Andrew has been with TRÉAN Group since 2016 as the head of execution sales where he manages key relationships while generating sales revenue. Andrew’s area of expertise is interest rate derivatives and options. Andrew is a registered Associated Person of TRÉAN Group with the NFA, possessing a Series 3 License. Andrew graduated from the University of Iowa with a Bachelor of Arts Degree in Finance.
312-604-6401
Lili Chiquito
Office Manager
Lili manages and oversees the daily office operations at TRÉAN Group LLC, including Human Resources and Resource Management, along with accounts payables/receivables. Lili has been with TRÉAN for over 15 years.
Lili served our country for over 10 years in the United States Marine Corps. After being honorably discharged at the rank of Sergeant, she worked in the settlement department at various financial firms, including LaSalle Bank and Prairie Capital Management. Lili has strong organizational, communication, and problem-solving skills. Lili graduated cum laude from Lewis University in 2008 with a Bachelors Degree in Human Resources Management.
312-604-6200
Michael Clifford (Cliffy)
Director of Commodity Sales and Trading
Mike has over 37 years of experience in Exchange Traded Derivatives (ETD), specializing in options strategies, structures, and execution. The primary markets Mike covers are Agriculture and Commodity futures and options. In addition, Mike has experience in Interest Rates, Equity and Currency futures and options.
Mike has worked for some of the top firms in the industry, including Dean Witter Reynolds, JP Morgan, Deutsche Bank, Goldman Sachs & Co., and Citigroup, where Mike ran the Options Sales Desk at each firm. Mike is an Associated Person registered with the NFA and currently holds a Series 3 license. Mike attended the University of Chicago, earning a Bachelor of Arts Degree in Economics. In addition, Mike was a 4-year letterman and Captain in Basketball and a 2-year letterman in Football.
312-604-6404
Jay Collins
Business Development
Jay’s career in the Financial Services Industry began in 1989 at Dean Witter Reynolds as a member of the Institutional Index Group; he has been with TRÉAN Group for the last 11 years. After NewEdge acquired Dean Witter (1997), Jay was promoted to head the group in 2000. Jay also worked at ABN Amro, NV, again heading the group specializing in futures and options for Index Products. Jay has spearheaded TRÉAN’s Index futures and options business since coming to TRÉAN in 2013.
Jay graduated from Northern Illinois University with a Bachelor of Science Degree in Economics. Jay is currently a member of the CME as well as holding a Series 3 license, registered with the NFA.
312-604-6415
John Herbst
Execution Specialist
For 20 years, John has been an integral part of the TRÉAN Group, focusing on execution, customer service, and relationship management within these specialized markets. John has been in the financial services industry from almost 35 years, primarily in Eurodollar and SOFR options.
Throughout his tenure at TRÉAN Group, John has demonstrated a commitment to execution services, consistently delivering exceptional service to clients while navigating the complexities of options trading. Beyond his extensive experience in options trading, John is also committed to building and nurturing client relationships. He understands the importance of trust and communication. John attended Loyola University and is a member of the CME.
312-627-4430
Stephen Kosanovich
Head of Clearing Sales
Stephen brings over three decades of experience in the Financial Services Industry to TRÉAN Group, LLC, having served in various roles ranging from market-making at CBOE to business development in the derivatives and trading technology sectors.
Before joining TRÉAN Group to head up the Clearing Sales offering, Steve was previously in sales at ED&F Man and Phillip Capital; he was also VP of Sales at Options City (acquired by Vela) after working at SpiderRock Advisors. Steve’s focus remains on growing clearing and allocation services (“capital introductions”) at TRÉAN. Steve is currently on the Advisory Committee for MIAX. Steve is registered with the NFA and has a Series 3 license. Steve graduated from Vanderbilt University.
312-604-6402
Kevin Kosowski
Execution Specialist
Kevin joined TRÉAN Group in 2019 bringing over 15 years of trading floor experience in Exchange Traded Derivatives (ETD), primarily in STIR products and options.
Kevin enjoys collaborates with brokers and locals to deliver best practices trading execution services to TRÉAN’s clients. He also works to translate market trends and patterns into actionable strategies. He earned a bachelor’s degree in business administration and finance from Dominican University and holds a FINRA Series 3 license as a registered Associated Person with the NFA.
312-628-2278
Greg Koules
Head of Brokerage Sales
Greg has over 30 years of experience in Exchange Traded Derivatives (ETD). As the Head of Brokerage Sales at TRÉAN Group, Greg oversees one of the largest brokerage groups transacting in the SOFR Options pit.
For fourteen years, Greg worked as an S&P 500 option Desk Manager and then a Fixed Income Vice-President of Sales for Goldman Sachs & Co. Before that, Greg ran the highest volume S&P 500 option execution desk at the CME from 1994 to 1995. Greg joined TRÉAN group in the fall of 2011 as the Head of Brokerage Sales. Greg has built mutually beneficial relationships with some of the largest institutional clients in the industry, as his relationships, market color, and execution skills have helped build TRÉAN Group into a major player in SOFR brokerage. He has been an IMM member of the Chicago Mercantile Exchange (CME) since 1994, after graduating from Baylor University with a BBA in Finance.
312-454-3107
Mark Levy
Lead Pit Broker
Mark Levy has been an options interest rates broker at the Chicago Mercantile Exchange (CME) for over 25 years where he has mastered the craft of order execution in the trading pits, capturing the best possible price for his customers’ orders.
Mark is an NFA Associated Person and a member of the CME. Mark attended Purdue University and completed Business/Finance education at the University of Wisconsin-Madison.
312-604-6200
Ovid Valentin
SOFR Strategist
Ovid brings over 23 years of experience to TRÉAN Group’s strategy offering, having started his career with a market-making firm in the Chicago Mercantile Exchange (CME) Eurodollar Option pit. Ovid has served in various trading and risk roles that utilize his experience in STIR (Short Term Interest Rate) products, specializing in modeling of SOFR option strategies. Over the past 15 years, Ovid has expanded his involvement in trading, modeling, and risk management to include the electronic and call around markets as well.
Ovid joined Consolidated Trading, LLC as the Director of Trading and Risk in 2008, and next moved to PNT Financial as a Managing Partner before joining TRÉAN in 2023 as the Head of SOFR Strategy with his primary focus on trading and modeling strategies across the SOFR curve for brokerage clients and PTG relationships. Ovid received a Bachelor of Arts degree from Creighton University’s School of Business, having played four year of Division 1 Baseball for the Bluejays. He is also registered as an Associated Person with the NFA and has his Series 3.
312-604-6416
Dave Wagner
Commodity Broker
Dave’s career in the Financial Services field began in 1985, when he began working for various CME market-making, “local,” firms as a floor broker and trader in the agricultural complex.
In 2010, Dave joined TRÉAN Group as a floor broker at the CME and an Associated Person with the firm. Dave handles CTA accounts at TRÉAN, providing front-to-back service, including managing middle- and back-office tasks for that segment of clients across multiple FCM partners. Dave attended DePaul University after serving proudly in the United States Marine Corps.
312-386-7332
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