Profile

Managing Director with 30+ years’ investment banking experience, primarily in front-to-back Fixed Income systems.  My primary focus has been Trade Capture. Regulatory Compliance (Dodd-Frank, Volcker, RENTD), and Operations Technology.   I have led major transformational programmes, e.g. construction of the fixed income trade capture environment,  migrating all transaction booking to a single legal entity,  retirement of major legacy application suites, cost-of-trade capacity, and legal entity related initiatives.

Employment History

Jul 19 – current

Consultant - Settlement Limit FED MRA.

I was hired to run a program to respond to an MRA Citi was given by the Fed to manage settlement risk and cost replacement risk for FX and Xccy Swap transactions.  This program required extensive reach throughout the bank and is on-going at this time. 

Jul 18 – Dec 18

Consultant - Transaction Costs.

I anaysed the entire cost structure of FX trading from inception to settlement, covering ECN costs, brokerage settlement costs inc internal allocations and RTCS charges..  We identified a significant trading anomaly where swirches of FX trades and liquidity swaps where being transacted incurring erroneous brokerage.  this was a $5M+ problem and resulted in various remedial actions.

Jul 17 – Jul 18

Consultant - Supervisory MiFID.

I joined the FX & Local Markets Business Management Team to help drive the MiFID initiative to successful conclusion.   This required extensive product knowledge but also a detailed understanding of how MiFID regulation was related to, but different to EMIR and Dodd-Frank.  Areas I specifically focussed on were pre- and post-trade transparency, transaction reporting, and managing clients through the change, both for the initial adoption of the MiFID but also when specific areas of Citi became an SI. 

Jun 08 – Feb 16

Managing Director - Global Head for FX and Derivatives Operations and Trade Processing Technology.  500 staff across 15+ locations.  Series 99 accredited.

I was originally hired to drive the EMEA equities strategic development, but quickly moved into Fixed Income and Loans areas which needed significant re-engineering to meet business needs.  I was given responsibility for all aspects of FX and Derivatives processing technology within the Institutional Clients Group (Investment Bank), from trade capture to settlement.  Product-wise this covered gov’t bonds, OTC Credit and Interest Rate derivatives, money-market and FX,  and functionally trade capture, multi-legal entity issues, confirmations, accounting, settlements, and regulatory reporting..

Significant successes:

  • Replacing the FX processing platform to increase capacity and reduce cost per trade by 89%.  The entire FX back office processing environment was replaced by a state-of-the-art in-memory processing platform based on Linux that enabled the business to grow its FX volumes from 40K per day to 2M+.  This provided the platform for the bank to regain the #1 spot Global FX in the Euromoney survey.
  • Consolidate all FX processing to a single vehicle, reducing volumes by 30%.  This programme, entitled ‘FX Single Name’ was completed on the 5th attempt (but my first attempt!), and fundamentally changed the way FX was managed in the bank.  All risk management was moved to the London entity, which provided more efficient funding and trading limit usage.  It eliminated the redundant 30% of internal trades and the error-rate that went with that, it consolidated credit facilities, and improved static data coverage.  This programme required extensive communication and involvement with Trading, Legal, Credit, Market Risk, and the clients.
  • Retiring the legacy derivatives processing platform comprising 750K OTC contracts.  The bank had a huge legacy C++ derivatives platform that was expensive to run and difficult to maintain.  The whole processing space was re-architected and a new environment of loosely-coupled platforms were put in place to modernise and simplify.  My role, as head of the department, was to retire the old platform and to migrate the portfolios and the new trading to the new trading platform.  On leaving, this job was 80% complete.
  • Technology management was determined to raise the profile of the bank as an employer of choice for superior technical staff.  My contribution was the design and implementation of the Expert Engineer programme, with the goal to improve the profile and effectiveness of the software engineering community.  This included looking at the career paths, the compensation philosophy, and changing the promotion and assessment procedures to recognise the contribution made by those technologists, as well as putting in place an extended training course.  This also included creating a new set of engineering standards by which these individuals would be assessed, alongside the extant leadership standards provided by HR.