Former Citi global futures expert joins Cinnober

Tessier will help lead Cinnober's subsidiary business to build out its client clearing technology solutions for banks.

The former global head of exchange traded derivatives (ETD) operations at Citi has re-emerged at Swedish tech vendor Cinnober.

Patrick Tessier joined Cinnober this month as chief operations officer for its client clearing business, The TRADE understands.

Tessier left the US bank in January after serving almost seven years in the role. He was also previously EMEA head of ETD operations at UBS.

The hiring of Tessier highlights its latest big push in the space, following its decision in November to create a new subsidiary business devoted to providing real-time clearing technology for client clearing banks.

However, it is still currently searching for a new CEO of the subsidiary business.

Speaking at the time of setting up the subsidiary, Veronica Augustsson, CEO of Cinnober said: “After analysing the need for our solutions in real-time clearing, we are confident that the demand for improved post-trade technology among banks is substantial.

“We introduced real-time clearing to the exchange world and have been the predominant supplier to the largest trading and clearinghouses over the past five years. This technology arouses great interest since it can also streamline many sluggish processes that exist at major international banks and brokerages.”

A spokesperson for Cinnober confirmed the move.

Meanwhile, Cinnober has made a number of hiring’s in recent months, including Piers Evans, former head of equity trade processing and trade compression at IHS Markit, and Per Lovén, Liquidnet’s previous head of international corporate strategy.