Icap has hired Goldman Sachs’ former European head of OTC clearing to head up post-trade product development.
Stuart Connolly has joined Icap’s Post Trade Risk and Information (PTRI) division in a newly created role as head of client product development, reporting to PTRI’s CEO Jenny Knott.
He will be responsible for identifying ‘real life use cases’ and will work alongside its data analytics teams to build and launch complimentary data services for PTRI’s businesses.
The move follows Icap’s full acquisition of trade reporting firm Abide Financial and hedge fund analytics specialist ENSO Financial.
Speaking to The TRADE Derivatives last month, Knott said it plans to bring all of its business under the PTRI umbrella and offer solutions that can be applied across all sectors.
“We’re currently working towards a single master services agreement, where our clients that work with a business within the PTRI ecosystem will be able to on-board onto Traiana, and then all of their regulatory reporting for MiFID II, Dodd Frank or EMIR, will be performed automatically for them,” said Icap’s Knott.
“Working in an ecosystem environment, the opportunity to provide our clients with a unique combination of services is huge.”
Connolly, a Goldman veteran of 18 years, left the bank in February due to personal reasons, as first reported by The TRADE Derivatives.
He was most recently head of EMEA derivatives clearing services, responsible for the bank’s OTC credit and rates derivatives franchise.