Carax

  • About us

    About us

    Carax cofounders Stéphane Krief and Jean-Louis Didier share a strong belief in transparency and performance. “Increasingly, institutional investors are being held accountable for their decisions. Transparent execution is what won over our early clients,” said Stéphane Krief, who left the Paris Stock Exchange trading floor when it closed in 1999 to found Carax with Jean-Louis Didier, a former Dynabourse top executive.

    Carax traders wield the latest technology with ease and know the macro trends, financial markets, and their clients’ objectives inside and out. “We have been pioneer in algorithmic trading since 1999. Today technology frees our experts—some of the most talented and experienced in the industry—to hand-manage every trade, intervening as needed and finding solutions immediately,” said Jean-Louis Didier. The result is fast, secure execution with minimal market impact, backed by Carax’s signature performance-driven service.

    Carax has come a long way since its cash equity days, diversifying into bonds and derivatives in the early 2010s. Today the founder-held independent financial services firm continues to anticipate its clients’ needs, staying one step ahead of a shifting regulatory environment and expanding into new products and services. Despite the changes, several common denominators remain: the founders’ broad, deep market knowledge, their commitment to building a solid, seniors-only team, and their constant quest for performance.

  • Executive team

    Jean-Louis Didier

    Jean-Louis Didier

    Cofounder and CEO

    Jean-Louis Didier started his career in finance in 1986 at Dynabourse, a Crédit Agricole company, where he rapidly moved up in the ranks, ultimately taking on top management responsibilities and earning a slot on the Dynabourse Executive Board in 1994. When the company merged with Cheuvreux in 1999, Jean-Louis left to found Carax. He earned a degree in Civil Engineering from ESTP and holds an MBA from INSEAD.

    Stéphane Krief

    Stéphane Krief

    Cofounder and CEO

    Stéphane Krief began his career in 1988 trading futures at Pinatton Agent de Change. He then went out on his own as a floor trader on the MATIF futures exchange, earning a reputation among industry peers as major player in notional bonds. He also sat on the exchange’s ethics committee. When the Paris Stock Exchange pit closed in 1999, he founded Carax with Jean-Louis Didier.

    Philippe Hugon

    Philippe Hugon

    Partner & Deputy CEO

    Philippe came to Carax in 2012 to create the fixed income and corporate finance business lines. He was appointed Deputy CEO in July 2014. He started his career in 1999 with Crédit Agricole, where he held several management positions on the fixed income market. Between 2008 and 2011 Philippe was head of fixed income sales at DSF Paris (BIL Group). He earned an undergraduate degree in European Business from Coventry University and holds a Masters degree in Economics and Finance from NEOMA Business School.

    Sandrine Rubinstein

    Sandrine Rubinstein

    Chief Financial Officer

    Sandrine Rubinstein joined Carax in 2013. With fifteen years of experience in audit, banking, and finance, Sandrine is poised to support Carax through growth and expansion into new services and markets, overseeing the implementation of new accounting and management tools. Before joining Carax, Sandrine held several financial controller positions, including at the CIB division of Natixis. As Head of Group Management Control at Kepler she played a key role in the firm’s transformation from the firm’s MBO to its acquisition of Cheuvreux. She holds a graduate degree in Banking, Finance, and Insurance from Paris-Dauphine University.

      • 2015

        Carax obtains non-guaranteed placement of securities licence from French market regulator. This approval further expands the range of services Carax can offer its clients.

      • Carax acquires Efigest Asset Management

        This acquisition launches a new business line that will take advantage of synergies between Carax’s institutional investment know-how and Efigest’s strong position in asset management.

      2.  
      • 2014

        quantitative research department

        Carax opens a quantitative research department, further expanding the range of services the firm offers institutional investors.

      • Technical analysis research and brokerage department launched

        Cyril Baudrillart, a high-profile, multiple-award-winning analyst, is hired for Carax’s new technical analysis research and brokerage department.

      • 2013

        Carax offers ETF intermediation

        Carax continues to expand its lineup of services for institutional investors with ETF intermediation.

      • 2012

        Fixed income desk opens in Paris

        Carax opens a fixed income desk in Paris, further expanding the range of asset classes the firm handles. A five-person senior team with in-depth knowledge of FI clients and their needs is recruited.

      • 2009

        Diversification into derivatives

        Carax opens a derivatives business, marking a major step forward in its diversification strategy. Since then, the firm has continued to diversify into new markets and asset classes.

      • 2006

        Monaco office opens

        Carax opens an office in Monaco, expanding its geographical reach and team of senior sales traders.

      • 2005

        Proprietary trading approval

        Carax obtains AMF (France’s financial market authority) approval for proprietary trading, opening the door to the inter-broker dealer market.

      • 2001

        Algorithmic trading

        Carax opens its algorithmic trading desk, bringing unprecedented speed and efficiency to cash equity trading in Europe.

      • 1999

        Cash equity execution

        Carax is founded in Paris with a single focus: to set a new standard in execution on cash equity trades, providing institutional investors with new levels of transparency, performance, and cost-effectiveness.

  • Compliance

    Solid policies and procedures to ensure clear, transparent trades

    Compliance is the cornerstone of our steadfast commitment to transparency and performance. To help financial institutions meet their compliance objectives, we are one step ahead of their MiFID 2 challenges: our trading, execution, and research business lines are separate, so we are already compliant with the directive.

    And, of course we are compliant with the current MiFID directive, FATCA, and anti-money-laundering and market abuse regulations in the markets in which we operate.

    Learn more about compliance at Carax

    The following legal and regulatory documents pertain to the Carax group of companies. Although these documents are updated regularly, Carax is unable to, and does not guarantee the accuracy, validity, timeliness, or completeness of any of the information or data contained in these documents.

    Carax advises interested parties to check back regularly to ensure they have access to the most recent versions available.

    Legal Information (General)

    CARAX Execution Policy

    2015 Compensation Policy Report

    Information relative of the French Monetary and Financial Code

  • Partners

    Partners

    RELIABLE TRADING BACKED BY TOP-TIER EXECUTION, CLEARING, AND SETTLEMENT PARTNERS

    Since 1999 Carax has built a strong, long-term partnerships with market-leading providers of securities services including clearing and settlement for financial intermediaries like Carax.

    Our fixed income business uses the delivery versus payment system, further reducing any settlement risk for our customers. Our custodian is one of the top ten global custodians.

    We leverage the strengths of some of the most trusted organizations in the industry to deliver secure, reliable trades to our customers across all of our business lines.

  • Carax Monaco

    Carax Monaco

    Carax is headquartered in Paris with a subsidiary in Monaco that is fully accredited by local regulators.

    For institutional investors, Carax Monaco S.A.M. is accredited to advise and arrange trades through the Paris headquarters.

    Our services include high-volume execution in cash equities and derivatives trading. Our team of technical experts ensures connectivity to clients and markets through industry standards such as the FIX protocol.