Northern Trust has hired John Read as global head of derivatives product management.
In his new role, Read, who is based in London, is responsible for setting the overall direction and strategy for derivatives product development and enhancing Northern Trusts derivatives processing capabilities.
He joins Northern Trust from JPMorgan Chase where he led the development of the over-the-counter (OTC) derivatives products in his role as derivatives product manager for Hedge Fund Services. He has more than 15 years of buy and sell-side industry experience.
Johns appointment is part of a strategic plan to expand Northern Trusts OTC derivatives business, building on our existing capabilities to provide collateral management and independent valuations, said Mark Schoen, Northern Trusts head of Product Management for EMEA. Particularly in these challenging times, we understand the heightened requirements for transparency and efficiency after the point of trade, and are committed to helping clients reduce operational risks through innovative product development. We are delighted to welcome John to the team at this important time in the enhancement of our derivatives servicing capabilities.
In May 2009, Northern Trust announced it had strengthened its platform for OTC processing through an agreement with Markit, a financial information services company, to enhance post-trade processing including reconciliation and confirmation services for OTC derivatives.