A year after Donald J. Trump won the U.S. presidential election, Wall Street is adjusting to the Trump Team’s approach to regulating Wall Street, which has been an effort to write the next chapter after Dodd-Frank.
“I think that the administration and … the new Treasury Secretary [Steven Mnuchin] understand the challenges of our business and the need to have regulation but to have smart and efficient regulation,” says Chad Elson, chief operating officer (COO) at Crevalle Capital Management LP, based in New York.
Elson had a video chat with FTF News at FTF’s SecOps event in Boston, this past June. He took part in the panel discussion, “Back to the Future via the Trump Administration?” that dealt with how the Trump administration’s new dynamics are impacting securities trading, securities operations, compliance and IT management at financial services firms.
Elson says that the future may hold some loosening of certain regulations.
“I think that there are a number of requirements that do not necessarily achieve what they’re meant to achieve,” Elson says. “I certainly think that some sort of a loosening with respect to proprietary trading on the part of banking institutions is in order. I think it’s a complex matter and I think it needs to be done carefully. But, certainly, I think there needs to be some understanding that revenue from trading is appropriate for certain financial institutions.”
At Crevalle, Elson, who is also a partner, oversees compliance, operations, capital raising and client relations. His Wall Street experience encompasses investment management, securities trading and operations. He has worked as a partner for Cantor Fitzgerald L.P., including a stint as managing director at Cantor Fitzgerald & Co.
Before Cantor Fitzgerald, Elson served as managing director and institutional sales manager at HSBC Securities, and as a managing director in Bear Stearns’ Primary Dealership.
CREDITS:
Video Production: Janene Knox and William J. Poznanski, Jr.
Interview conducted by: Eugene Grygo, chief content officer, FTF News
Co-Producers: Sarah Hathaway, vice president, Financial Technologies Forum (FTF) and Eugene Grygo
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