Chicago-based Allston Holdings LLC, parent of one of the nation’s leading proprietary electronic trading firms, today announced that Nancy Laethem Stern has joined the firm as Executive Vice President, General Counsel and Corporate Secretary, and that Jay A. Biondo has joined as Chief Compliance Officer.
Allston CEO Raj Mahajan said: “Nancy and Jay are both great additions to the team at Allston. Nancy will play a critical role not only in overseeing all of our legal and compliance functions, but also in helping to ensure that the firm remains fully engaged with – and responsive to – the ever-changing regulatory environment. Jay has significant hands-on experience in regulatory enforcement and compliance matters for both a large trading firm and the securities industry’s largest self-regulatory organization.”
Biondo reports to Stern, who reports to Mahajan.
Stern said: “I’m delighted to work with Jay and the talented legal and compliance team during this critical period in the industry. While a strong focus is on our own growth initiatives and adapting to the changing environment, we also need to ensure that regulators have an accurate understanding of how our business works so the rules they formulate and enforce make sense for the industry they serve.”
Biondo said: “Allston interested me because it is a successful and progressive-minded company that has an outstanding reputation within the financial services industry. The firm clearly understands that having a strong compliance department is important both for protecting its investments and for remaining competitive within today's heightened regulatory atmosphere.”
Stern joined Allston after serving for more than 17 years as an attorney and partner at two leading national law firms: Katten Muchin Rosenman and previously Gardner Carton & Douglas, now part of Drinker Biddle & Reath. She began her law career as a clerk for the Honorable Robert H. Cleland, U.S. District Judge in the Eastern District of Michigan.
Stern earned a Bachelor of Arts degree in economics, with distinction, and a Juris Doctor degree, both from the University of Michigan.
An experienced legal and compliance professional, Biondo joined Allston with more than seven years of experience on the regulatory and business sides of the financial services industry. He recently served, since 2011, as Associate Compliance Officer and Counsel for Infinium Capital Management, playing a strong role in developing and executing the firm’s compliance program. Previously, Biondo was a Regulatory Analyst for the Financial Industry Regulatory Authority (FINRA), assigned to monitor brokerage and trading firms and identify any possible violations of Securities and Exchange Commission (SEC) or exchange rules related to NYSE Arca. Biondo also served as an Enforcement Attorney for the Illinois Secretary of State Securities Department from 2006 to 2008.
Biondo holds a Bachelor of Arts degree in Communications from Lake Forest College in Illinois, a Juris Doctor degree from the John Marshall Law School in Chicago and a Master of Laws (LL.M.) degree in Financial Services from the Chicago-Kent College of Law.
