First Derivatives PLC SEF initiative & Compliance Officer appointment
March 15 2013 - 3:00AM
RNS Non-Regulatory
TIDMFDP
First Derivatives PLC
15 March 2013
First Derivatives plc
("First Derivatives" or the "Company")
Launch of Swap Execution Facility initiative and appointment of
James Sanders as Chief Compliance Officer
First Derivatives plc (AIM: FDP.L, ESM: GYQ.I), a leading
provider of software and consulting services to the capital markets
industry,announces the launch of its Swap Execution Facility (SEF)
initiative and the appointment of James Sanders as Chief Compliance
Officer to oversee the Company's registration as a SEF.
A SEF is a regulated platform which is now required in the USA
under the Dodd-Frank Wall Street Reform and Consumer Protection Act
for the trading and clearing of swaps. First Derivatives intends to
register as a SEF in order to provide its customers with an
enterprise-wide solution, particularly in respect of its Delta Flow
platform. The Company will file its SEF registration with the U.S.
Commodity Futures Trading Commission (CFTC) later this year.
Similar measures under European Market Infrastructure Regulation
and the Markets in Financial Instruments Directive are also being
adopted and, as such, the majority of swap contracts currently
traded over the counter will migrate to multi-party electronic
trading platforms, creating greater price transparency and
increased liquidity as more participants enter the market.
In order to oversee the Company's registration as a SEF, James
Sanders has been appointed as Chief Compliance Officer. Prior to
assuming this post, James served for seven years as Chief
Compliance Officer of FXCM, a leading global on-line currency
trading firm. James has also held compliance, legal and regulatory
positions as Director and Regulatory Counsel in the Legal and
Compliance Department at Credit Suisse; serving as Counsel in the
Financial Institutions Practice Group of the international law firm
of Fulbright & Jaworski; and serving as Senior Trial Attorney
in the Division of Enforcement of the CFTC. James will report
directly to the Board.
James is an attorney admitted to practice in the State of New
York and in numerous federal courts throughout the United States.
He holds a Juris Doctor degree from New York University School of
Law.
Brian Conlon, CEO of First Derivatives, commented, "I am
delighted to welcome James to the senior management team. His
twenty years of regulatory and compliance experience in the capital
markets industry will be invaluable in helping us meet our global
regulatory and compliance requirements. Our decision to register as
a SEF demonstrates our commitment to clients by delivering
increased price transparency and liquidity and will further
establish our Delta suite of software products and services as
market leading solutions in the areas of real-time trading and data
management."
Enquiries:
First Derivatives plc +44(0)28 3025 2242
Brian Conlon, Chief Executive www.firstderivatives.com
Graham Ferguson, Chief Financial
Officer
Charles Stanley Securities
(Nominated Adviser) +44 (0)20 7149 6000
Russell Cook
Carl Holmes
Goodbody Corporate Finance
(EMI Adviser) +353 1 667 0420
Diane Hodgson
Linda Hickey
Walbrook PR +44 (0)20 7933 8780
Bob Huxford bob.huxford@walbrookpr.com
Helen Westaway helen.westaway@walbrookpr.com
Paul Cornelius paul.cornelius@walbrookir.com
About First Derivatives
First Derivatives is a global provider of software and
consulting services to the financial services industry. With over
16 years' experience working with leading financial institutions,
it continues to deliver technologically advanced, award winning
products and services that anticipate and respond to the evolving
needs of global capital markets.
First Derivatives currently employs over 730 people worldwide
and counts many of the world's top investment banks, brokers and
hedge funds as its customers. It has operations in London, New
York, Stockholm, Shanghai, Singapore, Toronto, Sydney, Dublin,
Newry and Hong Kong.
For further information please visit
www.firstderivatives.com
This information is provided by RNS
The company news service from the London Stock Exchange
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