One Team, One Goal
Chief Executive Officer
Frederick Grede joined Bcause in February 2017 as a Senior Advisor and has since taken on the Role of Chief Executive Officer. He is also currently acting as the Federal Court-appointed Trustee of Sentinel Management Group, a registered Futures Commission Merchant and Investment Advisor that filed for Chapter 11 Bankruptcy in August 2007. To date, Fred has led the recovery of over $600 million for the benefit of defrauded customers at Sentinel Management Group.
Fred also served as Chairman of Vega Financial Engineering, an international financial markets consultancy. Major projects have included establishing new derivatives markets for the Agricultural Futures Exchange of Thailand, The Stock Exchange of Thailand, the Securities and Exchange Commission of Pakistan as well as numerous specific projects for international brokerage firms.
Fred served as Chief Executive Officer of the Hong Kong Futures Exchange and Chief Operating Officer of Hong Kong Exchanges and Clearing from 2000 through 2004. In that capacity, he was responsible for all aspects of Exchange Operations and Strategy. In those four years, Fred successfully converted open outcry floor-based trading to fully electronic trading, merged the stock, futures, options and clearing organizations into a single company, rationalized technology and led the exchange to a public listing and conversion to a revenue-based culture.
Over a period of 25 years, Fred served in numerous capacities at the Chicago Board of Trade, including as Administrator of the Office of Investigations and Audits, Exchange Secretary and Executive Vice President. In those roles, he was responsible for Exchange regulation, operations, technology, product development, marketing and strategy. Major accomplishments included the introduction of electronic trading capabilities, establishing international alliances and leading the exchange through countless market events, continually upholding the integrity of the exchange marketplace.
Fred has an MBA from the University of Chicago; a Juris Doctor degree from DePaul University School of Law; and a Bachelor of Science degree in Finance from the University of Illinois. He also serves as international advisor to Teza Technologies, a proprietary trading firm. He has served as director of the Illinois State Chamber of Commerce and as Treasurer of Ruth Lake Country Club in Hinsdale, Illinois.
Chief Operating Officer, Chief Technology Officer & Board Member
Michael Adolphi joined Bcause LLC in March 2014 as our President and Chief Executive Officer and has since transitioned into the CTO. He brings over 30 years of executive management and operations experience to this position including a solid background in planning, engineering, programming, integration, networks, and communication systems, as well as business development and strategic planning.
As co-founder and Executive Vice President of Professional Software Engineering, Inc. (PROSOFT), Mike focuses on corporate development, and he led the business development effort to achieve PROSOFT’s strategic growth plan. PROSOFT, a 350-employee company with $30 million in annual sales, headquartered in Virginia Beach, provides information systems engineering, networking and telecommunications, C4I systems integration, training, systems analysis and engineering. PROSOFT spun off its manufacturing business into pTerex, LLC in July 2009. Mike undertook the responsibility of overseeing the new company as its President and CEO until December 2013. pTerex created communication gear primarily for the U.S. Government.
Mike has been responsible for managing and implementing many large-scale projects, particularly wide area networks and software engineering programs. He led the effort to create a quality management approach throughout PROSOFT based on the principles taught by Dr. Deming.
Before founding PROSOFT in 1984, Mike was with Naval Sea Combat Systems Engineering Station in Norfolk, Virginia as an Electrical Engineer. He participated in the AN/SQQ-28(V) sonar system reviews, system installation and testing. He also functioned as the system manager and software engineer for the Sonar System Integrated Support Complex (SSISCOM).
Mike previously served as a board member of the Hampton Roads Technology Council, the mission of which is to accelerate the transformation of Hampton Roads technology firms into world-recognized technology leaders. He serves on the Council of Advisors for the Hampton Road Technology Incubator, designed to promote economic development of Hampton Roads through the commercialization of new technologies developed at NASA’s Langley Research Center, local universities and other regional government and industrial R&D Laboratories; he previously served as the Council of Advisors Chairman.
Mike has also served as the Chairman of the Old Dominion University Engineering Steering Committee, responsible for raising $16 million in endowed chairs and scholarships for the Engineering Department. Previously he was appointed, serving six years, including one year as Chairman, to the Board of Advisors at Virginia Tech for the Electrical and Computer Engineering department. He was also appointed by the Governor of Virginia to the Virginia Technology Council; its mission is to help accelerate the transformation of Virginia into the Technology State.
Mike has both a graduate and undergraduate degree in Electrical Engineering from Old Dominion University and Virginia Tech.
Founder – Chief Marketing Officer – Treasurer, Board of Managers
Thomas Flake founded Bcause in 2012 and has served as the firm’s Chief Marketing Officer and as Treasurer of the Board of Managers since January 2014. After leaving an 8.5-year career in the Navy, in 1994, Tom started a business, Synergy Consultants, which provided computer education seminars, software development and outsourced desktop support to the Internet Service Provider (ISP) community. In 1998, Synergy Consultants was merged with another company, iTribe, and with outside investors contributing $1 million, Picus, LLC, a competitive local exchange carrier, was formed. During the next two years, Picus invented flat-rate long distance, bundled local, long distance and Internet Access, and SS7 enabled toll-grade voice over internet protocol. Also during this period, Picus raised over $17 million in direct investment from accredited investors and another $50 million in loans from vendors (Nokia, Nortel, Coppercom and GE Capital), merged with or acquired seven other companies and grew its customer base to over 35,000 customers in the Mid-Atlantic region. As founder, Board member, Vice President of Business Development and later Chief Operating Officer, Tom was integral to all of these activities. In 2000, Picus’ ability to raise additional capital was impeded by the market crash and the company declared bankruptcy.
Later in 2001, Tom founded TeliOn, the first-of-its-kind municipal area wireless network for Internet access. The company was sold in 2002 to Pinnacle Online. Also in 2002, he joined Jacobs Engineering, a Fortune 500 firm, as a Project Manager.
In 2004, Jacobs Engineering won the largest contract ever awarded by NASA’s Langley Research Center – the ROME contract – and Tom was promoted to Manager, Information Technology Projects. In 2005, his responsibilities were expanded to include all aspects of managing the team responsible for information technology infrastructure, including desktop support, server management, data acquisition systems at the five largest wind tunnels and information technology security. During his tenure, customer feedback scores began in the 80’s but quickly rose to over 99% and remained there for over four years. In 2005, he was certified a Project Management Professional (PMP).
In 2009, Tom accepted re-assignment and became responsible for all aspects of Jacobs-ROME organizational development, marketing and Minority Serving Institution outreach. During his tenure, ROME’s customer scores increased from the low 90’s but quickly increased to over 96%. In 2011, Tom was informed that his position was being eliminated due to NASA budget cuts, and he decided to return to entrepreneurship. In October 2011, he and a partner (John Ashby) purchased VBB Communications, rebranded it as Utility Scale Computing and re-launched the company, US Computing LLC, which provides outsourced solutions for maintenance and monitoring of computer infrastructure (including server co-location, network connectivity, power, HVAC, systems administrator services and rack space). Tom owns 50% of US Computing.
In 2012, Tom joined with the National Institute of Aerospace and proposed the creation and funding of a small business incubator (Peninsula Technology Incubator or PTI) on the peninsula to leverage the enormous potential represented by the proximity of Langley Research Center, National Institute of Aerospace, Jefferson Labs, Hampton University, Christopher Newport University and The College of William and Mary.
Tom received a Bachelor of Science degree from Old Dominion University School of Business and Public Administration with a major in Decision Science (Quantitative Methods) and minors in Business Administration and Information Systems. He graduated from The College of William and Mary’s Executive MBA program and is certified by NASA as a Lean Six Sigma Black Belt.
General Counsel & Corporate Secretary
Ann Cresce joined Bcause LLC in November 2017 as General Counsel. She is a financial services senior executive with significant management, legal, regulatory and compliance experience in the futures and derivatives industry. She has served as General Counsel to three start-up exchanges and, as such, was a member of senior management involved in all business, regulatory and legal aspects of building and growing the businesses. She has also been Corporate Secretary to four Boards and Board committees. Ann has extensive experience at regulated futures and derivatives exchanges and trading firms, including Chicago Climate Exchange, where she was General Counsel, the Chicago Board of Trade, Chicago Mercantile Exchange Inc. (now CME Group), Carr Futures (now part of NewEdge) and the Commodity Futures Trading Commission. She has broad domestic and foreign regulatory experience and has been a consultant for U.S. and Asia legal and regulatory matters.
Ann recently lived and worked in Hong Kong for four years, serving as General Counsel to a start-up futures exchange. Since her return to the U.S., she was General Counsel to Intellectual Property Exchange and has provided legal and regulatory consulting to two planned exchanges. Previously, she was on the demutualization and IPO teams at CME, was Vice President of Compliance and in-house counsel to Carr Futures, and was a director in the Office of Investigations and Audits at the CBOT. She has been a member of the adjudication panels for CME Group since 2014.
In 2011, Ann was appointed to the DirectWomen Institute, which annually honors 20 US senior-level women lawyers for business, Board and corporate governance accomplishments. She is an adjunct professor at Chicago-Kent College of Law, teaching a Futures and Derivatives Law & Regulation class. She was President of the Chicago-Kent Alumni Board of Directors from 2015 to 2017 and has been a member of the Board since 2012. Ann has served as a member of the Chicago-Kent Compliance Curriculum Advisory Board since 2011 and the Entrepreneurship Advisory Board since 2014. She also served on the Business Advisory Council for the Center for International Business Education and Research at the University of Illinois from 2009 to 2011.
Ann received a Juris Doctor degree from Chicago-Kent College of Law and a Bachelor of Science degree in Finance from the University of Illinois at Urbana-Champaign. She is admitted to the Illinois Bar and the Bar of the Supreme Court of the United States.
Managing Director, Bcause Spot LLC
Bruce is the Managing Director of Spot Trading. He is a highly skilled professional with over 30 years of experience in the cash, spot and derivatives markets. He has expertise in trading, business development and credit relationships, with experience that includes 15 years in senior management with operations oversight.
After spending 20 years on the Chicago Mercantile Exchange trading floor as an independent trader, Bruce left seeking new opportunities in electronic trading. He joined Lind-Waldock, which was later purchased by Refco, where he helped lead the consolidation of U.S. and offshore operations into a single 24-hour hub in Chicago, quickly affecting operational efficiencies and opportunities for growth. Bruce was instrumental in a $25 million investment in the retail foreign exchange (FX) business that generated dividends in its first year of operations, and he was promoted to Vice President of Global Sales. Prior to Refco’s IPO, Bruce joined R. J. O’Brien & Associates in its strategic business development group, where he launched the firm’s first FX fund and grew trading desk ticket volumes by 300% in two years.
In 2006, Bruce joined Peregrine Financial Group, becoming the Vice President of Foreign Exchange after overhauling the operations, including a new back-office system. He then developed a proprietary aggregation system, created an Australian Retail FX entity, expanded deliver facilities, doubled the number of institutional trading desks, grew credit relationships to over $70 billion, and created two new proprietary trading groups, each profitable in their first year of operations. In a three-year span, yearly revenues grew over 100%, exceeding $50 million per year. Net profits grew to over $15 million during his tenure on the Business Development and Management Committees.
Bruce joined Twitch LLC in 2012, launching a new proprietary trading group, which became profitable within 90 days and generated in excess of $10 million in revenue. The group made the firm’s first allocation to an outside trading group; trading strategies including futures, spot foreign exchange, swaps, arbitrage and liquidity aggregation. He was promoted to head of foreign exchange in 2015. Bruce steered the company through difficult credit consolidations in the prime brokerage world, partially driven by events surrounding the Swiss National Bank, where previous stable currencies had movements in excess of 20% in a day.
Director of Product Development
Kevin Fallon is the Director of Product Development at bcause, LLC. Mr. Fallon has over 30 years of experience in cash and derivatives markets with trading expertise in Fixed Income cash and OTC options, Repo, OTC Interest Rate Swaps, FX and Financial Futures and Options. His experience includes 13 years at CME Group as a Fixed Income Subject Matter Expert including collaborative development of OTC Credit Default Swap Settlement Methodology, OTC IRS Settlement Methodology, Swap Curve creation and OIS discounting.
In 2013, Mr. Fallon started mining Bitcoin on a small scale. In 2014, he started OaksAcorn Inc. to mine Bitcoin. As Owner and President, activities included Bitcoin mining and eco-mining research, Bitcoin investment, FX trading and Machine Learning in long-term trading.
Kevin Fallon has a Master’s in Security Analysis and Portfolio Management from Creighton University; Master’s in Computer and Information Science – Artificial Intelligence from Knowledge Systems Institute; Bachelor of Arts in Economics from Marquette University.
Vice President, Spot Trading Operations
Mary Grace Fajardo joined Bcause LLC in November 2017 as Vice President for Spot Trading Operations. Mary Grace has a Bachelor’s degree in Economics and brings over 15 years of financial services experience to our team. She has specialized in Foreign Exchange (FX) and held various responsibilities in Cash & Treasury Management, Asset Servicing, Corporate Actions and Fixed Income. Over the years, she held various roles at broker-dealer firms, Futures Commission Merchants (FCMs), a Fortune 500 Corporation and a Financial Holding Company (FHC).
In 2012, Mary Grace began working for a Chicago-based financial services company as its 2nd Vice President, specializing as the Foreign Exchange Team Lead for Cash Management. During this time, she completed the launch of the firm’s offshore FX support in EMEA and APAC, structured SLAs and performance metrics and documented the standard operating procedures and business continuity plan procedures for the FX team. She improved performance and capacity by almost 200% and created significant client on-boarding and sales opportunities. She was the FX lead for onboarding and servicing one of the company’s largest hedge fund client with assets under management of $150 billion. Mary Grace was also 2nd Vice President and Team Lead for Corporate Actions, handling both Reorganizations and Income. Her achievements have included serving as project lead for the implementation of 871(m) of the Internal Revenue Code; applying withholding tax for U.S. equity derivatives; standardization of the Total Return Swap (TRS) partially settled dividend process across Over-the-Counter (OTC) and Corporate Actions (CA) teams; and functioning as CA lead in regression and functional testing for Red Hat and Sybase upgrades. Mary Grace is also a five-time Bronze and Spot Award Recipient for the firm’s “Celebrate Great” Program.
Prior to that, Mary Grace served as the Forex Back-Office Director from 2010 to 2012 at an Iowa-based firm that was a large non-clearing U.S. FCM. One of her main achievements while in this position was Change Management and implementing options as a new product type to the desk blotter and proprietary FX system, allowing the trading desk and management to track PnL and risk on FX Options.
In 2010, Mary Grace also served as the Treasury Operations Manager on a global scale for a Chicago-based Fortune 500 communications and logistics company. She successfully completed the upgrade of the SunGard Avantgard Treasury Workstation as Project Head during this time and transitioned the entire company to the new Receivables Edge System.
After graduating college in 2000, Mary Grace worked for over 10 years at multiple FX companies. She began in a customer support and operations analyst position before she transitioned into a supervisory role. Soon after, she advanced to Operations Manager where she planned, tested and implemented the creation of a trade consolidation system for the Prime Brokerage business using weighted averages to reduce risk and settlement cost. She also took over FX Treasury as Settlements Manager, where she oversaw Continuous Linked Settlements (CLS) and bilateral settlements, along with post-settlement investigations.
Mary Grace received her Bachelor’s degree in Economics from the University of the Philippines. She also received the Certified Treasury Professional designation from the Association for Financial Professionals (AFP) and has a diploma in Computer Studies from Informatics Computer Institute.
Director of Technology and Program Management
Michael Love joined Bcause LLC in November 2017 as Director of Technology and Program Management with more than 20 years of futures industry IT and operational experience. He has served as Director of Strategic Technology for the Chicago Board of Trade and as Chief Technology Officer for two futures exchanges. Michael is certified in Systems Analysis from the Control Data Institute. Since 2001, he has held leadership roles with two start-up futures exchanges and a proprietary trading firm. He was responsible for technical advice and written support for an exchange obtaining CFTC DCM approval in 2010.
Director of Strategic Development
Patrick Childress had been assisting the Bcause team in Chicago with identifying and accessing resources since early 2017 and formally joined Bcause in December 2017 as Director of Strategic Development. In this role, he is actively engaged in leveraging his extensive network of industry contacts in assisting various of the firm’s lines-of-business including mining, spot, derivatives and clearing.
Pat has been engaged in the futures industry since the creation of the Eurodollar futures contract at the Chicago Mercantile Exchange in the early 1980s. Over time, he has acquired valuable industry knowledge through involvement with industry professionals ranging from the floor-broker, trader/market-maker level to the senior management level within brokerage firms, exchanges and other market participants.
In his 25-year career, Pat has been involved in both the commodity futures and global management consulting industry, in which he has been largely engaged with Accenture and both of its predecessor entities, Arthur Andersen and Andersen Consulting. In these industry roles, he has had responsibilities ranging from serving the CEO of a $2.5b business unit of Accenture, to acting as a firm principal, trading advisor and industry liaison for senior-level officials and their international interests in the derivatives industry.
Pat was a founding principal at Global Access Partners, LLC (GAP) in 2005, which was formed with the former (now retired) Founder & Chairman of the Futures industry Association (Japan). He has been involved in facilitating cross-border transactions, primarily on both U.S. and Asian exchanges, through his involvement with these exchanges and their target market participants. This industry activity has involved futures, options, FX and securities products traded on Asian, European and North American exchanges.
During his tenure at GAP, Mr. Childress has been involved in the following activities:
1) Consulting regarding cross-border trade facilitation, exchange membership, clearing, connectivity and order execution as well as JV partner identification, screening and deal structuring,
2) Business development for offerings ranging from technology/infrastructure platforms, to cross-border clearing firms and global exchanges,
3) Performance evaluation and due diligence of investment managers and fund operators for both U.S. and offshore sources of capital,
4) Sourcing technology and training offerings involving algorithmic proprietary trading system development, ECNs, Risk Management and order entry platforms, and
5) Joint Venture partner identification, structuring, facilitation, principal role activities.
He has worked on both a consulting basis and principal basis, often in a combination of both retainer and contingency arrangements, with FCMs, IBs, CTAs, CPOs, hedge funds, fund-of-funds, proprietary trading firms, professional traders, global exchanges, exchange members and industry associations.
He has been involved in identifying fund managers and other investment alternatives for sources of capital in Asia namely in; Japan, Taiwan, Korea, Hong Kong, Singapore, India and China. These investment managers have been involved in various non-correlated asset classes and strategies. Additionally, he has been involved in private equity transactions for companies ranging from international education, technology, insurance, alternative energy and other industry segments.
Mr. Childress has a Bachelor of Science degree in Finance, Investments & Banking from the University of Illinois, College of Commerce. He has completed a Continuing Professional Education (CPE) curriculum at Arthur Andersen. Additionally, he has been active in the derivatives industry with the Futures Industry Association including the U.S (in the early 1980s), Asia initially since 1986 and with the FIA Japan Chapter and since the inception of the FIA Asia Chapter in 2005.
Director of Exchange Integration & Education
Sean is the Director of Exchange Integration and Education at Bcause LLC. He has an extensive business and technical background in the capital markets space, spanning over 17 years across all major asset classes.
Sean has been involved with Crypto and Blockchain initiatives for over seven years and has provided advisory to firms on initial coin offerings (ICOs) and firms looking to enter the space.
Sean is the founder and Chairman of the FIX Protocol Digital Currency/Blockchain Working Group, working to ensure FIX Protocol proper representation in this ever-changing space. Sean is also an Advisory Board Member for the Security Traders Association of Chicago.
Sean holds a Bachelor of Science degree in Business Management from Colorado Technical University.
Director of Technology - Mining
Shawn Dailey is the Director of Technology for Mining Operations at Bcause Mining LLC. His career in technology started in 1992 when Shawn entered the retail arena at Egghead Software, a reseller operating brick-and-mortar, corporate and education channels. During the 1990s, Egghead grew to $1.5B in annual sales with over 250 stores nationwide. Working in the Washington, D.C. area and Virginia Beach locations, Shawn managed, grew and maintained profitability of stores with annual sales of several million dollars. He managed the brick-and-mortar locations, included all hiring, training, evaluations, staff development, inventory control and the deployment of effective shrink prevention policies.
In 1998, Shawn joined a regional internet service provider (ISP) and competitive local exchange carrier (CLEC), Pinnacle Online, as its IT Support Manager. Initially responsible for managing the support team, Shawn spent the next decade expanding his proficiencies into Sales Engineering and Network Administration, all the while engaged in a business that had over 5,500 dial-up connectivity customers, provided site-to-site connectivity (DS3, T1, Frame Relay, ISDN, ADSL, and SDSL) for WAN customers, hosted over 400 websites, and provided colocation services in its Virginia Beach Datacenter. During this period, Pinnacle went through several ownership transformations and expanded its operations to include site-to-site wireless networks for businesses and technical contract labor. In 2004, Shawn invested and became a minority owner (12.5%) as the business attempted to grow and compete within the Hampton Roads market. The company was acquired by VBB Communications, LLC in 2010.
In 2008, Shawn joined Chartway Federal Credit Union. He was promoted to the Director of Information Technology and spent the next decade leading the Network / Systems Engineering and Technical Support teams. During this period, Chartway grew from $1.2B in assets to $2.2B and now serves 180,000 members at 48 locations in six states. Shawn oversaw the rapid introduction of new technologies such as flash-based SAN storage, de-duplication data backup technologies, 10Gb fiber optic infrastructure, Share Point intranets, and the transition towards a hyper-converged infrastructure. During his tenure, Shawn led various technology conversions from AD and Desktop OS migrations to various MPLS WAN and Metro Ethernet transitions. He oversaw the migration of Chartway’s datacenter to a colocation facility and move of hundreds of staff between corporate centers. Shawn also led the technical integration of three distinct financial institutions and provided the infrastructure support needed for the conversion of four disparate Core Financial Platforms to a single Core Platform. During this period, Shawn ensured information security was the primary focus while successfully facing the annual scrutiny of numerous third-party security audits and the NCUA.
Philanthropic opportunities have been a passion for Shawn, and he has served in various volunteer capacities for the We Promise Foundation. Its noble efforts have raised almost $10M for children’s charities.
Shawn attended George Mason University in 1988 through 1991 and studied Computer Science.
Chief Operating Officer, Derivatives
William Boyk joined Bcause in 2015 as Chief Operating Officer, Derivatives, with 35 years of futures industry operational and regulatory experience, including as a senior executive with extensive, successful experience building regulated futures exchanges. Since 2001, he has been involved with the design and build of three futures exchanges and a cash market, along with acquiring CFTC Designated Contract Market approval for each exchange. Responsibilities have included new and unique product design, development of market operations and surveillance, regulatory oversight, program and service provider management, and customer and government relations. Earlier career accomplishments include an executive regulatory position for a world-leading futures derivatives exchange.
From 2009 to 2013, Bill served as President of Exchange Operations and Chief Regulatory Officer for The Trend Exchange, Inc., where he oversaw activities to acquire the DCM license from the CFTC and the approval of its products. The product, futures on movie box office receipts, was the subject of scrutiny by the Motion Picture Association. After hearings before the Congressional Committee with oversight for the CFTC and before the CFTC Commissioners, the product was approved. However, subsequent MPAA lobbying efforts resulted in the product being outlawed within the Dodd-Frank legislation after intense lobbying efforts by the MPAA. (Senator Dodd was hired as President of the MPAA three months later.)
From 2004 to 2009, Bill was the Senior Vice President, Exchange Operations and Compliance for the Chicago Climate Exchange Inc., a world leading greenhouse gas emission reduction program and futures exchange, where he oversaw the design, build and launch of the futures exchange and was responsible for the introduction of many futures and options products. In addition, Bill designed and oversaw the first market-based regulatory program for greenhouse gas emissions reductions. He served as Executive Vice President for NQLX LLC, the first U.S. single stock futures exchange, from 2001 to 2003. The product obtained cross-regulatory approval by the SEC and CFTC and required close coordination with industry participants.
Bill started his career at the Chicago Board of Trade in 1979 and remained there until 2001, having been hired out of college by Fred Grede. He held many positions including Vice President, Audits, where he oversaw the financial and operational compliance of more than 100 brokerage firms. He later served as Vice President, Program Management, where he worked with Fred on strategic initiatives.
Bill received a Bachelor of Science degree in Accounting from Drake University.
Mary Grace Fajardo