CMSWebView says David Hardy, former Chief Executive of LCH.Clearnet, has been appointed as an advisor to the company.
Until September, Hardy served as Chief Executive of LCH.Clearnet, and before that of the London Clearing House (LCH), for 19 years. During his tenure, he took LCH from a predominantly commodities-related clearing house into a global CCP via a merger with Clearnet. In February 2007, Hardy joined Man Financial, part of Man Group plc.
Hardy also serves on the Board of the Institute for Financial Markets in the US, and in the past he has held board positions at the International Petroleum Exchange, the Futures and Options Association and the London Commodity Exchange.
As an advisor to CMS, Hardy will provide strategic advice and practical support using his business contacts developed over many years in the banking technology arena. His appointment is the latest move by CMS to increase sales of its proprietary TDI software, which processes live financial data.
CMS’s customers include traditional exchanges such as the Chicago Board of Trade, but also investment banks, trading organisations and quote vendors.
The company’s new business plans include exploiting opportunities to sell tailored versions of TDI to UK financial institutions with a Markets in Financial Instruments Directive (MiFID) compliance need.
CMS says TDI technology can be bolted onto existing market data infrastructure at relatively little cost to organisations that have to comply with MiFID from November 2007.
“We are extremely pleased that David has agreed to offer his advice and support in this exciting phase of the company’s development,” says Bob Antell, Chief Executive Officer of CMS. “David brings a vast range of valuable experience and contacts that are very relevant in our drive to increase the market penetration of TDI.”