Newedge has bolstered its clearing operations with the addition of former Morgan Stanley executive director Jamie Gavin.
After nine years of working across different clearing roles at the bank, Gavin will take up the role of head of institutional OTC clearing sales, UK, at the brokerage now under the ownership of Société Générale.
Gavin will be responsible for both OTC clearing institutional sales and for ensuring Newedge’s product development, operations and technology teams work closely together to develop its OTC clearing proposition. He will report to Will Davies, head of institutional and PTG sales, UK.
Newedge is looking to boost its clearing team following the departures of two industry veterans in recent months.
John Wilson, global head of OTC clearing, left the firm in June after almost a year and a half working on a contract basis.
Long-serving Newedge employee, Andrew Chart, also stepped down from his role as senior director, prime clearing services after nearly 15 years with the firm.
With clearing services becoming such a crucial part of the brokerage’s offering, amid the regulatory push for all OTC derivatives to be centrally cleared, Newedge’s capture of Gavin will strengthen the team as rules take effect.
In his nine years at Morgan Stanley, Gavin helped build out the bank’s OTC clearing arm, working as global head of onboarding and European head of product development.
Prior to Morgan Stanley, he worked at Goldman Sachs for over a decade across listed derivatives, FX and cross-product collateral management departments.
Newedge’s acquisition by Société Générale was completed in May 2014. The French bank already owned a 50% stake in the brokerage alongside Credit Agricole and bought the entirety of its share. Newedge’s derivatives clearing services are thought to have been a significant catalyst for the deal taking place.