Icap said in a statement on November 21 that Stuart Connolly had been appointed as head of client product development for its post-trade risk and information division.
Connolly has joined the interdealer broker from Goldman Sachs, where he was most recently head of the bank’s derivatives clearing service in Europe, the Middle East and Africa.
In the newly-created role, Connolly will report to Jenny Knott, chief executive of the post-trade risk division.
Icap is in the process of finalising the sale of its traditional voice-broking business to rival Tullett Prebon, which it hopes to complete in the fourth quarter of the year. Following the sale, it will rebrand as NEX Group and focus on electronic trading, post-trade services and financial technology.
In a trading statement for the six months to September 30, published on November 16, it was revealed that NEX Group would be a capital-light, high-margin business with investment earmarked for the post-trade risk and information unit.
In contrast, the firm said its spending on electronic markets had “peaked”.
The post-trade business, known as PTRI, will look to benefit from new regulations coming into force in Europe in 2018 that will bring large-scale changes to the region’s trading landscape. Among the pillars of the revised Markets in Financial Instruments Directive, or Mifid II, will be a focus on strengthening post-trade functions, including trade reporting.
In October, Icap acquired Abide Financial, a tech startup that provides regulatory reporting services to banks and trading platforms, to sit within the PTRI unit.
In the statement announcing Connolly’s recruitment, Icap said he would help “build and launch a variety of complementary data services interoperable with PTRI’s businesses”.
On November 15, the interdealer broker announced the appointment of Guy Rowcliffe as head of post trade risk and information services in Asia Pacific. Rowcliffe also reports to Knott.