Risk Disclosures

Private Placement Disclosure:

ClearList warns that investments in private, unregistered securities involves a high level of risk and may not be suitable for all investors. An investment in private company securities is highly speculative and should only be considered a long-term investment. Before deciding to invest, you should carefully consider your investment objectives, level of experience and risk appetite. You must be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid and there is no guarantee that a market will develop for such securities, including on the ClearList LLC Alternative Trading System. There is also no guarantee that any private placement will be publicly listed through a direct listing or Initial Public Offering. You should be aware that each investment also carries its own specific risks and that you should complete your own independent due diligence regarding the investment including obtaining additional information, opinions, financial projections, and legal or other investment advice. Investors must carefully review any offering documents such as the Private Placement Memorandum or similar document to understand the specific risks associated with the investment.

Risk Related to Private Securities:

Investing in private, unregistered securities is not suitable for all investors.  Investing in private company securities generally involves greater risks than investing in publicly traded securities. Investing in private company securities involves risk of loss that investors should be prepared to bear. Private company securities may be more difficult to buy and sell.  Trading opportunities may be more limited for private company securities that are not widely held.  There may be greater liquidity risk and the possibility that a security cannot be sold at an ideal time. If this happens, an investor account may be required to continue to hold the security and losses could be incurred. Private Securities that have been issued pursuant to exemptions from registration with the SEC, may be subject to certain holding periods prior to being resold, which may further impact your ability to buy or sell such securities. Private Securities, as well as any particular investment, may not be suitable for everyone. With respect to any investment or security traded on the ClearList LLC Alternative Trading System (the “ClearList ATS”) we urge you to carefully evaluate its appropriateness for your situation.  You are strongly encouraged to complete your own independent due diligence before investing in private, unregistered securities, including obtaining additional information, opinions, financial projections, and legal or other investment advice.  Private, unregistered securities are also highly illiquid and there is no guarantee that a robust market will develop for such securities, including on the ClearList ATS.

No investment process is free of risk; no strategy or risk management technique can guarantee returns or eliminate risk in any market environment.  There is no guarantee that your investment processes will be profitable. Past performance is not a guide to future performance.  Any trading success enjoyed by others does not guarantee similar results for you. The value of investments, as well any investment income, is not guaranteed and can fluctuate based on market conditions.  Diversification does not assure a profit or protect against loss.

Affiliations – GTS Securities and/or GTS Execution Services may place orders on both sides of a market for private company securities traded on the ClearList ATS.  Both GTS Execution Services LLC and GTS Securities LLC are affiliates of ClearList LLC and ClearList Securities LLC through common ownership and all of these entities are registered broker-dealers.  Affiliates, officers, directors, and/or employees of ClearList LLC and/or ClearList Securities LLC may hold a position in the financial instruments of an issuer of private company securities wherein certain underwriting, private placement, or advisory services were performed and private securities of that issuer may be traded on the ClearList ATS.

Commissions/Transaction costs – Before you begin to trade, you should obtain details of all commissions and other charges for which you must be liable. The fees and costs you will incur for brokerage services are transaction-based and will be assessed on a transaction-by-transaction basis, when you buy or sell unregistered securities. Typically, the ClearList ATS commission is 1%. We also may charge administrative and transfer fees. You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying.

When products are purchased or sold, several types of incidental costs (including potential transaction fees and commissions) are incurred in addition to the current price of the security. These incidental costs may significantly reduce or even exclude the profit potential of the products.  In addition to such costs directly related to the purchase of products (direct costs), you must also take into account any follow-up costs (such as custody fees). You should inform yourself about any additional costs incurred in connection with the purchase, custody or sale of a private security before investing. 

Sales Associate

Brian Doherty

Brian works with investors and private companies to connect capital with opportunities across the private markets. Before joining ClearList, he built his career in advertising and media sales, where he focused on client relationships, business development, and strategic partnerships. Today, he concentrates on sourcing private market opportunities, building long-term investor relationships, and helping connect buyers and sellers across alternative investments. Brian was drawn to ClearList's entrepreneurial culture and the opportunity to help build a platform expanding access and transparency in private markets. Outside of work, he enjoys spending time on the water, boating, fishing, and staying active outdoors.

Chief Information Officer

Whitney White

Whitney is Chief Information Officer at ClearList, where he leads the firm's technology strategy, cybersecurity, and transaction infrastructure. He brings more than two decades of experience building technology solutions for capital markets, having previously served as a software engineer, architect, CTO, COO, and Head of Equity Capital Markets. Most recently, he co-founded a custodian and transfer agent for alternative assets that was acquired in 2024. At ClearList, Whitney focuses on making private market transactions more efficient through technology while strengthening the firm's infrastructure and security. He was drawn to ClearList's mission of modernizing the infrastructure that supports private markets. Outside of work, Whitney enjoys traveling, sailing, and cooking elaborate meals for family and friends.

Vice President

Neil Tapia

Neil is Vice President at ClearList, where he works across private market transactions, investor relations, and business development. Prior to joining ClearList, he held multiple roles at GTS, one of the world's leading electronic trading and market-making firms, with experience spanning market making, trading, and capital markets. His background across both public and private markets provides a unique perspective on liquidity, market structure, and capital formation. Neil focuses on originating and executing private market transactions, expanding investor and distribution relationships, and supporting the continued growth of the ClearList platform. He was drawn to ClearList's mission of improving access, transparency, and liquidity in private markets as this asset class continues to evolve. Outside of work, Neil enjoys traveling, staying active, and spending time on the golf course.

Director of Private Markets

Gavin Vice

Gavin has more than 25 years of experience in the financial markets, beginning his career on the floor of the New York Stock Exchange after earning an engineering degree from Bucknell University. Throughout his career, he has focused on trading and market structure across the public markets. At ClearList, Gavin works closely with investors to source and facilitate private market opportunities through funds and direct introductions between buyers and sellers. He joined ClearList because of its vision to expand access and liquidity within the private markets by applying proven public market expertise. Outside of work, Gavin enjoys golfing and fishing on the Great South Bay off the coast of Long Island.

 Chief Compliance Officer

Rick Gillette

Rick brings more than 20 years of experience in broker-dealer operations, securities regulation, and financial markets. At ClearList, he focuses on regulatory compliance and helping ensure the firm operates with the highest standards of integrity and oversight. He was drawn to ClearList by its commitment to putting clients first while building innovative solutions for the private markets. Outside of work, Rick enjoys reading, skateboarding, and cooking authentic Chinese cuisine.

Chief Executive Officer

Patrick Murphy

Patrick is Chief Executive Officer of ClearList. He is also Head of NYSE Market Making and Listing Services at GTS and brings more than 30 years of experience across market structure, liquidity, and capital formation. Beginning his career on the floor of the New York Stock Exchange in 1992, Patrick has held senior leadership roles at Bear Stearns, JP Morgan, Barclays, and GTS, participating in more than 500 IPOs throughout his career. At ClearList, he focuses on expanding access to private markets and building infrastructure that improves capital formation, transparency, and liquidity. Patrick co-founded ClearList after recognizing that many of the world's most innovative companies were creating significant value while remaining private, inspiring a mission to broaden access to private market opportunities. Outside of work, Patrick enjoys golfing, surfing, and traveling.

Chief Operating Officer

Kassidy Chaikin

Kassidy is Chief Operating Officer of ClearList, where she oversees the firm's day-to-day operations across its affiliated entities while supporting strategic growth initiatives. Since joining ClearList in 2023 after beginning her career with the GTS Designated Market Maker business, she has played a key role in building the firm's operational infrastructure. Her work spans every department, helping ensure the firm's operations, strategy, and execution remain aligned as ClearList continues to grow. Kassidy was drawn to ClearList's mission of improving access, transparency, and liquidity in the private markets, helping broaden participation in an asset class that has historically been difficult to access. She holds bachelor's degrees in Statistics and Philosophy, Politics & Law, along with a master's degree in Statistics from Binghamton University. Outside of work, Kassidy enjoys running, cooking, attending Broadway shows and traveling to experience new cultures.

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