Enhancing bond market liquidity

Best-of-class execution enabled by state-of-the-art technology.

When expertise
meets experience


Capital Markets

Technology driven liquidity provider

​Replica Markets discovers and provides clients continuous liquidity within the rates space by using its state of the art proprietary technology. 

Asset Management

Fixed income asset management boutique​

​Delivering Alpha-driven returns and portfolio diversification by offering innovative asset management solutions for institutional investors.

Leadership Team

Stefano Bellani


Stefano has been General Manager of BancoPosta Fondi SPA for over 2 years and serves as Chairman of Replica SIM.
Before joining Poste Italiane Group he held various senior positions as a Managing Director at JP Morgan during a career of 27 years at the firm.
He served as JP Morgan’s Global Head of Trading Services and Head of Fixed Income Financing Desk for Europe, Asia and Emerging Markets.
He also served as a board member of MTS S.p.A.
Stefano earned a business degree from Universita Commerciale Luigi Bocconi.


Marco Borsa

Managing Director

Marco currently serves as the General Manager at Replica Sim, advancing his distinguished career in the financial sector. Before this role, he co-founded Gardena Capital and served as its CEO, leading the firm's efforts in business development, infrastructure, operations, and financial management. His experience also includes the position of COO at Method Investment & Advisory Ltd, where he managed operations across the UK, Italy, and Spain.
In addition to his executive roles, Marco has contributed to the financial sector by serving on the Board of Directors for several Luxembourg-based UCITS IV funds and Cayman-based AIFs, showcasing his understanding of international finance.
Marco holds an Economics degree from the Università Carlo Cattaneo in Castellanza. His educational background and professional experience underline his strategic approach to finance and management.


Andrea Cecchin

Chief Investment Officer

Andrea currently serves as the Head of Asset Management at Replica, a position he took up in January 2024. His role focuses on overseeing the firm's asset management strategies, leveraging his extensive experience in the financial sector.
Prior to joining Replica, Andrea co-founded Gardena Capital and was a key figure in developing the firm's focus on arbitrage strategies, curve, and volatility trading, particularly within the Italian Government bond market. His career also includes a significant tenure as Head of Proprietary Trading at Method Investment & Advisory, where he had managerial oversight over trading desks.
Andrea's foundation in economics was laid at Bocconi University in Milan, where he graduated before embarking on his professional journey in the financial world.


Dario Negri


Dario Negri, CEO of Replica, brings a wealth of experience to his leadership role. He is a founding shareholder, Director, and Investment Committee Member of TGA Fund Sicav PLC and Markov Sicav PLC.
Dario's career began in 1994 as Head of Trading Room at Concordia Sim Spa. He then honed his investment skills as a Fund Manager at GDP AM Sim SPA, leading the Bond Products division from 2002 to 2009. After leaving GDP he assumed the role of Investment Manager for TG Fund and, in 2012, co-founded Equa Am Sim Spa, serving as both CEO and Investment Manager. In 2014, Dario co-founded Triple AM LLP, a London-based asset manager. He actively contributed to their investment management team from 2014 to 2020. Now, he leverages this experience in his current role as CEO of Replica, driving the firm forward with a clear strategic vision.


Gianluca Negri

Professional Investor Funds - PIF

Gianluca, co-founder and Board Member at Replica, leads the firm's Private Investment Fund (PIF) unit with a keen eye for innovative opportunities. A seasoned financier with over 20 years of experience, he brings a proven track record of success in buy-side markets.
Prior to Replica, Gianluca's In 2015, he co-founded Triple AM LLP, a leading London-based asset manager, remaining actively involved until 2020 and Equa Sim, a Milan-based asset manager where he served as Head of Asset Management (2012-2015). He gained early experience in both fund management and internal controls, with key roles at GDP SIM Spa and Finsud SIM Spa, where he played a pivotal role in developing their fund management structure.
Gianluca's holds a Master of Science in Banking and Finance from Università Cattolica del Sacro Cuore in Italy and a Master in Asset/Wealth Management from SDA Bocconi School of Management in Milan.


Walter Cartossi

Strategic Consultant

Walter Cartossi holds the role of strategic consultant and developer at Replica SIM since 2024, with a particular focus on stock markets. Walter brings decades of deep financial experience, gained through the management of corporate assets. His strategy, named SunTheta, is crucial in providing precise indications for operating in the vanilla options market on the Mini S&P future. Walter's work is distinguished by the advanced use of gamma analysis, crucial for optimizing entry times in operations and for effective risk management.
Through the analysis of flows and the use of dedicated software, he is able to orchestrate coverages and market entries with remarkable precision, using analysis tools provided by leading providers such as Bloomberg, CBOE, CME, to refine the selection of strikes. Walterdeveloped a consolidated experience and expertise in risk management, which is implemented in a constant and meticulous manner.


Francesco Bettoni


Francesco is a finance professional with over seven years of experience in risk management for asset managers, specializing in algorithmic trading. Holding a degree in Economics and Finance from London, he initially made his mark at Triple AM in the UK, focusing on risk management to support portfolio managers and develop risk assessment tools. Since April 2021, he's been enhancing risk management practices and algorithmic trading systems' robustness at Replica SIM. He also serves as the risk manager for Markov Sicav, a Maltese AIF, ensuring asset safety and regulatory compliance. Francesco's expertise in finance and technology uniquely positions him to optimize trading strategies and manage financial risks efficiently.


Sara Zaltron

Head of Risk

Sara has extensive international expertise in asset management covering all three key pillars of risk management: Market Risk, Operational Risk and Credit/Counterparty Risk. Sara is Board Member in CGNAL, a company focused on extracting insightful information through machine learning algorithms with Big Data solutions. She is Independent Director in BIM - Banca Intermobiliare di Investimenti e Gestioni S.p.A. (Chairman of Risk Commettee and Chairman of Remuneration Commettee) and in BG Valeur SA Lugano (Generali Group).
She is an Associate in AC Group – Annunziata & Conso. Sara earned a degree in Mathematics and is a lecturer at the London Stock Exchange Group and University of Bologna.


Chiara Chiodi


Chiara is based in Milan and responsible for the Back Office operations at Replica. Chiara has over 10 years of experience in the supervision of middle and back office in the Financial Sector. Prior to Replica, she was part of the operations team at Triple AM LLP (now Redhedhge AM LLP), an independent UK regulated investment management firm. Prior to Triple AM, she worked in the back-office division of Equa Sim SpA, an Italian independent asset management firm.
Chiara holds a Master’s Degree in Trading and Risk Management from Cattolica University in Milan.


Alessandro Avagliano

Investment Officer

Alessandro joined the Replica SIM team in 2024 as an Alternative Senior Manager.
Before joining Replica SIM, Alessandro spent 6 years at J-Invest S.p.A. (a financial intermediary under art. 106 TUB) as Head of Investment, coordinating a team of 5 and handling investment activities and structuring securitization operations in the Distressed Assets sector.
Alessandro gained nearly 12 years of experience at KPMG S.p.A., initially as a Senior Manager in the Audit department and later as an Associate Director in the Corporate Finance team, focusing on the financial sector and, therefore, on M&A operations, IPO processes, and the sale or purchase of Performing and Non-Performing loan portfolios.
Alessandro earned a degree in economics and finance from the Università Cattolica del Sacro Cuore in Italy.


Corrado Mazza

Investment Officer

Corrado joined the Replica SIM team in 2024 as an Alternative Senior Manager.
Before joining Replica SIM, Corrado spent 6 years at J-Invest S.p.A. (a financial intermediary under art. 106 TUB) as a Senior Investment Manager, focusing on investment activities and structuring securitization operations in the Distressed Assets sector.
Corrado gained nearly 8 years of experience at KPMG S.p.A., initially as a Supervising Senior in the Audit department and later as a Manager in the Corporate Finance team, focusing on the financial sector and thus on M&A operations, and the sale or purchase of Performing and Non-Performing loan portfolios.
In 2018, Corrado joined the Financial Services team at Strategy& PwC, further solidifying his expertise in NPL Strategy. Corrado earned a degree in Economics and Finance from the Luiss Guido Carli University in Rome.


Fabio Gaudioso

Strategic consultant

Fabio Gaudioso graduated in Banking, Financial, and Insurance Sciences with a degree in Economics of Financial Intermediaries from Università Cattolica del Sacro Cuore in Milan. From 1998 to 2023, he worked for various financial institutions such as Cariplo, Intesa Sanpaolo, IntesaTrade, and BancoBpm.
He has been a registered financial consultant since 2014, a trainer, and a lecturer at all the main online Italian trading events, a guest on many television and web broadcasts, and became a professional member of SIAT CSTA (Certified STAT Technical Analyst) in 2001.
For the last six years, he has been Webank’s Risk Manager.
A specialist in financial markets, derivatives, and options, he has developed a proprietary software based on the analysis and study of options' volatility.
With the beginning of 2024, he started his private company, FG Option, mainly teaching options strategies and fundamentals, and took on the role of strategic consultant for Replica Sim.


For further informations, contact

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Replica Markets is the trading name of Replica SIM SpA
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