AcadiaSoft, a collateral management utility provider, has hired a former derivatives expert from J.P. Morgan, as the firm looks to venture into a new marketplace in response to regulatory change.
Mark Demo joins AcadiaSoft as product director, in which he will direct the firm’s response to regulatory changes and will lead AcadiaSoft’s product and industry working groups.
He was previously vice president of Business Architecture and Transformation at the bank, and was responsible for J.P. Morgan’s collateral market infrastructure planning in the OTC derivatives space. Demo also led the implementation of its technology and business process changes in response to new regulations.
Demo also represented J.P. Morgan on a number of ISDA industry working groups and initiatives, and is formally the co-chair of the ISDA Collateral Steering Committee.
His appointment comes as AcadiaSoft prepares the launch of a new collateral management utility in conjunction with the DTCC, Euroclear, and ICAP’s post-trade subsidiary TriOptima.
From September next year, banks will be required to post additional collateral to their derivatives trades conducted outside of clearing houses.
“I am excited to join AcadiaSoft as they implement this market-wide solution to the operating challenges posed by the new margin regulations,” says Demo.
“The expansion of margin requirements will increase margin activity significantly, making regulatory compliance difficult using current margin processes. I look forward to working with AcadiaSoft’s clients and partners to further develop the services that will enable regulatory compliance, improve industry processes, and reduce risk.”
J.P. Morgan is one of thirteen banks that possess a stake in AcadiaSoft, including Goldman Sachs, Morgan Stanley, Citi, UBS and Bank of America Merrill Lynch, among others.