Knight Capital Group's NetDelta CDS Platform Announces Senior Operations and Sales Appointments
May 06 2009 - 8:30AM
PR Newswire (US)
JERSEY CITY, N.J., May 6 /PRNewswire-FirstCall/ -- Knight Capital
Group, Inc. (NASDAQ:NITE) today announced the appointments of
Andrew P. Scott as Managing Director to oversee the operations of
NetDelta, a credit default swap platform that reduces counterparty
risk, and Michael S. Shapiro, Director, who is responsible for
leading NetDelta's sales effort. Mr. Scott is an eight-year veteran
of Merrill Lynch where he was the lead attorney for credit
derivative products and a senior representative for key industry
and regulatory initiatives. Prior to joining Knight, Mr. Shapiro
was responsible for sales, business strategy and product
development for TradeWeb LLC's credit derivatives trading platform,
including leading a global effort to increase post-trade business
for CDS and IRS. "Knight is very pleased to have Andrew and Michael
on board at NetDelta," said Steven Sadoff, Executive Vice President
and Chief Information Officer at Knight Capital Group. "Both are
professionals who have been involved in building out the
infrastructure of the CDS market. Their talent and experience are
an important addition to the NetDelta team as we develop the
business." NetDelta allows institutions that trade credit
derivative products to minimize and diversify their counterparty
exposure while maintaining their bilateral trading relationships.
An alternative to central clearing, NetDelta addresses the root
cause of systemic risk through the introduction of standard
contracts and the use of pooled credit. Counterparty risk is
minimized by multi-laterally netting transactions and using
participants' credit lines to reallocate exposures so that their
market exposure remains neutral. "NetDelta is in prime position to
help participants minimize counterparty risk in the CDS market,"
Mr. Sadoff added. "Credit derivative volumes have grown
exponentially over the past few years, and with such growth comes
operational challenges. NetDelta can help its platform participants
address concerns regarding risk management, trade settlement and
balance sheet usage. Indeed, counterparty risk management has
become increasingly important, and both the industry and regulators
are actively looking for ways to reduce systemic risk in the
market. We believe NetDelta has a solution that addresses risk
concerns without hindering the ability of market participants to
invest and trade CDS." Biographies Andrew P. Scott Managing
Director NetDelta LLC Andrew P. Scott, Managing Director, oversees
all operations of NetDelta, Knight's CDS platform for reducing
counterparty risk. Mr. Scott joined NetDelta in January 2009 after
eight years with Merrill Lynch, most recently as a Director and
Senior Counsel in the firm's Office of General Counsel. At Merrill
Lynch, Andrew was the lead attorney for credit derivative products
and a senior representative for key industry and regulatory
initiatives. He has been actively involved in various industry
groups and was a key participant in the initial design and
subsequent development of the ISDA CDS auction methodology and
protocols. Andrew also represented Merrill Lynch on the CDX credit
derivatives index board. Previously, Andrew was an associate in
fixed income derivatives at Morgan Stanley in both New York and
Tokyo where he worked in interest rate and currency swaps, credit
derivatives and CDOs. He also worked in various law firms in the
U.S., Japan and Canada. Andrew received a juris doctor and master
of business administration from the University of Toronto, and a
bachelor of arts from the University of Western Ontario. He is a
member of the New York State Bar. Michael S. Shapiro Director
NetDelta LLC Michael S. Shapiro, Director, is responsible for
leading sales of NetDelta, Knight's CDS platform for reducing
counterparty risk. Mr. Shapiro was the Director of Derivative STP
Sales at Tradeweb LLC from July 2007 until joining Knight in April
2009. He led the firm's global effort to increase Tradeweb's
post-trade business for CDS and IRS and was responsible for sales,
business strategy and product development for the credit
derivatives trading platform. In this role, Michael provided
internal support for all CDS-related issues and externally worked
with trading desks at major sell-side dealers as well as with
traders, portfolio managers and operations groups at hedge funds
and asset managers. Prior to joining Tradeweb, Michael was
responsible for sales of the credit derivative trade affirmation
platform of T-Zero LLC, a subsidiary of Creditex Group Inc., now
part of the IntercontinentalExchange, Inc. He joined T-Zero from
Bloomberg L.P. where he was a senior representative responsible for
sales of the Bloomberg Professional Service to hedge funds,
broker-dealers and investment advisors. Michael received a bachelor
of business administration from the University of
Wisconsin-Madison. About Knight Knight Capital Group, Inc.
(NASDAQ:NITE) is a leading financial services firm that provides
electronic and voice access to the global capital markets across
multiple asset classes for buy-side, sell-side and corporate
clients. In Global Markets, we provide market access and trade
execution services in nearly every U.S. equity security and a large
number of global equities and fixed income, foreign exchange,
futures and options. Our approach to trading combines deep
liquidity with robust trading technology and capital facilitation,
when necessary, to deliver high quality trade executions consistent
with client defined measures. Our Corporate segment invests in
strategic, financial services-oriented opportunities, allocates,
deploys and monitors all capital and maintains all corporate
overhead expenses. Our Asset Management segment is reported as a
discontinued operation as of March 31, 2009. More information about
Knight can be found at http://www.knight.com/. Certain statements
contained herein may constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements are not historical facts and
are based on current expectations, estimates and projections about
the Company's industry, management's beliefs and certain
assumptions made by management, many of which, by their nature, are
inherently uncertain and beyond our control. Accordingly, readers
are cautioned that any such forward-looking statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict
including, without limitation, risks associated with (i) the costs,
integration, performance and operation of businesses recently
acquired, or that may be acquired in the future, by the Company,
and (ii) the closing of the sale of the assets of the Asset
Management business and costs and expenses associated with the
Company's exit from the Asset Management business. Since such
statements involve risks and uncertainties, the actual results and
performance of the Company may turn out to be materially different
from the results expressed or implied by such forward-looking
statements. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. Unless
otherwise required by law, the Company also disclaims any
obligation to update its view of any such risks or uncertainties or
to announce publicly the result of any revisions to the
forward-looking statements made herein. Readers should carefully
review the risks and uncertainties disclosed in the Company's
reports with the U.S. Securities and Exchange Commission (SEC),
including, without limitation, those detailed under the headings
"Certain Factors Affecting Results of Operations" and "Risk
Factors" in the Company's Annual Report on Form 10-K for the
year-ended December 31, 2008, and in other reports or documents the
Company files with, or furnishes to, the SEC from time to time.
This information should also be read in conjunction with the
Company's Consolidated Financial Statements and the Notes thereto
contained in the Company's Annual Report on Form 10-K for the
year-ended December 31, 2008, and in other reports or documents the
Company files with, or furnishes to, the SEC from time to time.
DATASOURCE: Knight Capital Group, Inc. CONTACT: Kara Fitzsimmons,
Director, Media Relations, +1-201-356-1523, , or Ludwig Marek, Vice
President, Marketing Communications, +1-201-356-1506, , or Margaret
Wyrwas, Senior Managing Director, Communications, Marketing &
Investor Relations, +1-201-557-6954, , all of Knight Capital Group,
Inc. Web Site: http://www.knight.com/
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