Omgeo, a supplier of post-trade processing solutions, has hired an executive director to drive greater use of its collateral management product in light of new regulations.
Rick Enfield joins Omgeo’s Boston office as executive director for its ProtoColl Product Management tool. Enfield will be charged with establishing a product roadmap that aligns use of ProtoColl among clients globally. ProtoColl is Omgeo’s tool to help support and create workflows for collateral management.
He will also be responsible for driving product line strategies and requirements for collateral management in collaboration with Omgeo’s strategy team. This will include determining new functionality and requirements required for managing collateral under new OTC derivatives rules.
Under the new rules, due to be launched by the end of the year in the US and Europe, OTC derivatives trades will have to be centrally cleared, requiring buy-side firms to formally manage margining requirements. The International Monetary Fund has estimated that up to US$300 billion worth of collateral will be required under the new rules.
Prior to joining Omgeo, Enfield worked at global data management firm Asset Control as product business owner. He has also worked at technology vendor Charles River Development.
“Rick’s experience, combined with his ability to deliver complex technology-related products and services to market, will make him a great asset to Omgeo,” said Tim Keady, managing director, sales and solutions delivery at Omgeo.