About DelphX

DelphX is an innovation leader in the development of optimal credit markets.

DelphX is an unbiased service provider dedicated to promoting liquidity in the credit markets through innovation, digital market maker-taker communication, effective liquidity incentives and market-wide transparency.

The DelphX ATS network facilitates optimal maker-taker interaction through efficient digital communication of recipient-specific quotes, orders, RFQs, instant messaging and simultaneous multi-dealer negotiation processes.

The innovative caching protocol allows market makers and capacity providers to collaborate to increase trading capacity for makers and increase alpha for investors. 

The proprietary MAV≡n functionality continuously calculates and validates the current fair-value prices of all securities tracked by DelphX, based on historical and current transaction pricing of securities determined to be ratably congruent and current events, economic and market conditions and other relevant factors.

Quant≡m, a AAA-rated company wholly owned by DelphX, introduces CPOs and CRNs, which can be issued and traded via DelphX. This environment has uniquely constructed a system that reduces or eliminates Credit Valuation Adjustment, effectively measuring counterparty risk. By reducing counterparty risk while providing AAA protection, DelphX has made credit default protection affordable again.

What DelphX Is Not

DelphX is not owned or controlled by any entity with a vested interest in the success of particular issuers, securities or market participants. It is an independent, privately owned firm that does not directly or indirectly compete with any participating market/price maker or subscribing investor.

A Better Bond Market

Bond_Market_2.0.jpgDefault risk is too concentrated. The market is nontransparent. Too few issues can be protected. DelphX addresses these problems, providing guaranteed credit protection, deeper market liquidity and enhanced investor yields.

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Larry Fondren, Founder, President and CEO

Larry is dedicated to restoring confidence in private-market securitization and building utilities that sustain a robust and informed credit supply. Over his career, he has designed and implemented a variety of facilities that provide transparency, liquidity and lower costs to financial markets. In the 1990s, he developed and operated InterVest, the first regulated market for anonymous online trading of corporate bonds and other fixed income instruments, and the first web-based auction facility for the offering and sale of new ABS and corporate bonds to institutional investors. Larry has testified before U.S. Congress regarding the need for greater efficiency and transparency in the U.S. fixed income markets and the profoundly adverse impact of those inefficiencies upon investors.


Gordon Jardin, Chief Actuary and Risk Officer

Gordon is a Fellow and past Board Member of the Society of Actuaries, a Fellow of the Canadian Institute of Actuaries and a Member of the American Academy of Actuaries. He has been Chief Executive Officer and Chief Operating Officer of reinsurance companies (Generali USA, PartnerRe Life/Winterthur Re), Vice President and General Manager, Reinsurance for Sun Life Canada and, more recently, the Chief Executive Officer of a residential mortgage acquisition and servicing company, Franklin Credit Management Corporation. Gordon's extensive experience in developing and operating complex analytical systems is key to the development of the DelphX platform.


Shant Harootunian, Chief Operating Officer

Shant has broad experience in the fixed income data, analytics, pricing and evaluation sector. Shant built and managed Mergent Pricing and Evaluation Services and later led the strategic direction and operations of the end-of-day and intra-day evaluation units of Interactive Data Corp. While at Reuters America, and later at BARRA, Shant negotiated and managed each of the firm’s strategic partnerships with fixed income data providers and redistributors as well as led acquisitions of related databases.


Stephen Bacso, Chief Technology Officer

Stephen is a serial technology entrepreneur whose first start-up, PixStream, developed a video networking platform for telecommunications companies that was acquired by Cisco. He has designed and implemented blockchain and machine learning technologies focused on personalized medicine and document analytics. His work has also employed those technologies to automate the management and trading of portfolios of futures and other asset classes. Stephen is a science and MBA graduate and assisted in integrating avionics on the USAF Advanced Tactical Fighter and US ARMY Apache/LHX helicopter programs for Litton Systems, McDonnell Douglas and Bell Labs.


Steve Gledhill, Chief Financial Officer

Steve is a Chartered Professional Accountant (CPA) and Certified Management Accountant (CMA) with over 25 years of financial-control experience. He was the founding principal of Keshill Consulting Associates Inc., a boutique financial,accounting and management consulting practice. Prior to forming Keshill, Steve served as Senior Vice-President and Chief Financial Officer of Borealis Capital Corporation, a leading independent manager of alternative capital assets, and Vice President Accounting and Financial Services at OMERS Realty Corporation, a wholly-owned subsidiary of the OMERS pension fund.