LONDON, April 27 (IFR) - Swap execution facility trueEX has
hired Chris Yoshida, a former head of rates sales at Deutsche
Bank and Morgan Stanley, to head sales, marketing and strategy.
Yoshida brings more than 15 years of senior level industry
experience to the platform as it gears up for expansion across
the US, Europe and Asia and aims to capitalise on rapid growth
that has seen volumes surge by 20 times in the last year.
Yoshida will work alongside CEO Sunil Hirani and president
and COO Karen O'Connor on the executive team.
“Chris is a game-changer, not only for trueEX but for the
industry," said Hirani. "As market structure pivots to smarter,
cross-product solutions, he will help us quickly realise our
vision for ‘one-stop shopping’ across derivatives, government
debt, swaptions and other correlated products."
Since its 2012 launch, the dealer-to-client SEF has executed
over US$7.3trn of interest rate swaps notional and US$18.9trn in
post trade services, such as compression trades.
During the first quarter of 2017, trueEX traded US$3.75trn
of interest rate swaps, according to data from the Futures
Industry Association, placing it as the number three SEF for the
asset class over the quarter. The SEF commanded over 40% of all
client notionals executed across the three dealer-to-client
platforms over the quarter.
Yoshida said that integrated workflow technologies offered
by the SEF should help clients better manage risk across rates
As the last standing start-up SEF, trueEX now competes in a
market dominated by incumbent brokers and fixed income platforms
including ICAP, Tullett, Bloomberg and Tradeweb, which is
majority-owned by IFR's parent Thomson Reuters. TrueEX views
innovation in its product breadth as key to building volumes
that rocketed the platform to a number two position for market
share in SEF-traded interest rate swaps for March.
Yoshida's appointment comes as US regulators look set to
dial down sweeping derivative reforms that force the most
vanilla contracts in the US$544trn over-the-counter swaps market
to trade on registered SEFs. TrueEX is viewing any relaxation in
the rules as an opportunity to further innovate and build market
share across the entire rates market.
Already offering swaps trading across 20 currencies, trueEX
has expanded to include trading and novation of non-cleared
More than 80 buyside clients are trading on the anonymous
central limit order book, while 24 dealers are now signed up to
(Reporting by Helen Bartholomew)