About Us

Ari Burstein

Ari Burstein is Founder of Trading Evolved and President of Capital Markets Strategies.  Capital Markets Strategies is a full service consulting firm specializing in financial services issues.  In his role, Mr. Burstein represents financial services firms, including investment advisers, broker-dealers, securities exchanges, ETF issuers, trade associations and regulators/policymakers on a broad range of issues, in the U.S. and globally.

Prior to starting Capital Markets Strategies, Mr. Burstein was Head of US Regulatory Affairs for Kreab, a leading global consulting firm.  In that role, Mr. Burstein was responsible for advising financial services clients on global regulatory and policy developments impacting their businesses. Prior to joining Kreab, Mr. Burstein was Senior Counsel for capital markets issues for the Investment Company Institute (ICI) and ICI Global, the global trade associations for the regulated fund industry.  In his role as Senior Counsel, Mr. Burstein was responsible for issues impacting mutual funds, ETFs, investment advisers, and other institutional investors, particularly trading, market structure and brokerage related issues.  Mr. Burstein joined the Investment Company Institute in 1998 and provided additional counsel to ICI Global since its inception in 2011.

Prior to joining the ICI, Mr. Burstein was an attorney in the U.S. Securities and Exchange Commission’s Division of Investment Management from 1997 to 1998 and the Division of Market Regulation from 1992 to 1997.

Holly A. Stark

Holly Stark serves as Consulting Partner at Trading Evolved.

Ms. Stark also is the Chief Operating Officer of Lepere Analytics Ltd, a data-centric strategic consulting firm whose data forecasts company reputation and revenue. Founded in 2007, Lepere Analytics is a privately held company, registered in the UK with partners based in London and New York. The firm provides consultative guidance heavily informed by proprietary data to global clients, helping them craft appropriate communication with all stakeholders. She joined the firm in 2010.

Prior to joining Lepere Analytics, from April 2005 to July 2010 Ms. Stark served as Managing Member at Efficient Frontiers LLC, a financial market structure-focused consulting firm. Earlier, Ms. Stark spent four years as Director of Trading and Principal at Kern Capital Management, a New York money management firm. At Kern, Ms. Stark oversaw all trading activity for separately managed institutional accounts, sub-advised mutual funds, and a hedge fund.  Before joining Kern Capital in 2000, she served as Director of Trading and Principal at investment management firm Dalton, Greiner, Hartman, Maher & Co., and its predecessor firm, Dillon, Read Capital.

During her career as a buy-side trader, Ms. Stark served on numerous advisory committees at the New York Stock Exchange including the Institutional Traders Advisory Committee (ITAC), which she chaired, and the Market Performance Committee.  At NASDAQ, she was a member of the Institutional Traders Advisory Council and served for six years on the Quality of Markets Committee.  Ms. Stark was also a member of the Investment Company Institute’s Equity Markets Advisory Committee.  She served on the Financial Industry Regulatory Authority (FINRA) Market Regulation Committee, and the Board of the National Organization of Investment Professionals.  

Clive Williams

Clive Williams serves as Consulting Partner at Trading Evolved.

Mr. Williams also is President at Alba Consulting, LLC.  Prior to starting Alba Consulting, he worked at T. Rowe Price from 2000-2020. Laterally, he served as Head of Global ETF Capital markets, helping launch T. Rowe’s Active Non-Transparent ETF’s to the market. From 2010-2019 he served as Head of Global Equity Trading for T. Rowe Price, having built their trading capabilities in Europe and EMEA from 2000-2010. During his tenure he sat on many internal Committees including: Chairman of Brokerage Control Committee, Chairman of the Equity Best Execution Committee, and a member of Fixed Income Best Execution Committee, Global Trading Oversight Committee, Counterparty Risk, Product Development Committee, Risk Management Oversight Committee, Valuation Committee, and Diversity and Inclusion Operating Committee.

Prior to joining T. Rowe Price in 2000, he was the Head of Multi-Asset trading ex-U.S. at Invesco.

During his buy-side career, Clive served on many industry body committees including: NYSE Euronext Institutional Advisory Board, LSE Institutional Advisory Board, Deutsche Boerse Advisory Board, Investment Management Association. He was also a Director of Luminex Trading Analytics LLC from 2015-2020.