AcadiaSoft Appoints Lee McCormack as Head of Collateral Product Management and Professional Services
By DerivSource | on July 18, 2018 |
Industry Veteran to Oversee Growth and Development for AcadiaSoft’s CollateralManager
AcadiaSoft Inc. announced the appointment of Lee McCormack as Head of Collateral Product Management and Professional Services. He will be responsible for extending AcadiaSoft’s CollateralManager service to new customers and further expanding its capabilities for buy-side firms.
“We are thrilled to have Lee on board to lead our collateral product management team,” said Scott Fitzpatrick, Director of Collateral Business and Client Operations. “Lee’s extensive experience in post-trade market infrastructure, counterparty risk management and collateral management will be tremendous assets as we continue to roll out CollateralManager to buy-side clients and grow our collateral product business.”
McCormack was part of the six-person SwapClear Default Management Group in 2008 that assisted LCH in the unprecedented unwind of the $9 trillion Lehman Brothers interest rate swap portfolio, which comprised a total of 66,000 trades. From 2007 to 2012, he was on the governance committee for LCH SwapClear, first representing UBS and then Morgan Stanley. In this position, he helped design the client clearing service and redesign the default management process. McCormack began his career in risk management at LCH. In addition to his stints at UBS and Morgan Stanley, he also played a leading role in the launch of Nomura’s OTC clearing services. McCormack most recently served as Head of Strategy and Product Development for CloudMargin.
CollateralManager provides complete end-to-end collateral management for all buy-side firms via the AcadiaSoft Hub. The service is fully integrated into AcadiaSoft’s MarginSphere®, the industry standard margin confirmation service that streamlines communications between counterparties engaged in collateral management through automation and electronic messaging.
“As we look toward the next phases of the non-cleared margin rules, there is a lot of preparation work ahead for buy-side community,” said McCormack. “AcadiaSoft will play a critical role in this process and I look forward to helping the team expand and enhance its capabilities available through CollateralManager.”
McCormack earned a Bachelor of Laws degree from the University of Leeds and is a volunteer school governor. He will be based in AcadiaSoft’s London office.
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