NEX hires JP Morgan derivatives exec with post-trade overhaul

NEX Infinity will allow customers to access all of its post-trade businesses through a single master agreement. 

NEX Group has hired JP Morgan’s former US derivatives head following an overhaul of its post-trade businesses, while simultaneously preparing to test a new distributed ledger service.

Andres Choussy joins NEX Optimisation from the US bank where he headed the derivatives and clearing business for the Americas. He will head up a new Trade and Portfolio Management solutions pillar for NEX, which is powered by its post-trade businesses.

Choussy also served as global co-head of OTC clearing, global head of FX prime brokerage and head of credit derivatives clearing in the Americas at JP Morgan.

As part of its post-trade restructure, NEX has created five ‘solutions pillars’, consisting of portfolio management, analytics, regulatory reporting, resource optimisation and data insights.

The restructuring will support the launch of NEX Infinity, a distributed ledger and artificial intelligence system, which will keep a remote record of all trading data via Amazon.

The system will use blockchain technology to test processing data on spot FX and cash equities trades from July this year.

NEX Infinity will also allow clients to sign a master services agreement enabling them to on-board with all of its post-trade businesses such as Traiana, TriOptima, Abide Financial and ENSO.

“By combining our services which have natural synergies into end-to-end solutions, we are transforming ourselves and organising our business in a way that helps clients solve their own financial, regulatory and operational challenges,” said Jenny Knott, CEO, NEX Optimisation.

The launch of the system comes as competition to harness blockchain technology in financial markets hots up.

Cobalt, a post-trade FX blockchain network, has most recently won the backing of Citadel Securities and Citi.