The hire comes at a crucial time for the exchange group as it looks to implement and roll out a number of key post-trade initiatives.
The exercise between Credit Suisse and Nomura's Instinet demonstrated the ability for firms to execute and settle US equities trades conducted throughout the day.
The landmark figure is part of an industry effort to significantly improve securities settlement efficiency rates ahead of the Settle Discipline Regime (SDR).
Deutsche Boerse, Deutsche Bundesbank and Germany’s Finance Agency conduct DLT-based securities settlement in central bank money.
Market participants will be conscious of European settlement rates with incoming regulation on the horizon which penalises fails.
Many investment banks have had to scramble to update their back-office operations in order to prevent a potential spike of failed trades.
A new white paper highlights the benefits of moving to a T+1 settlement cycle and details plans to achieve this in two years.
The comments were made before the US House of Representatives’ Committee of Financial Services, which discussed the increased volatility from retail traders in January.
As the consultation period for Europe’s Settlement Discipline Regime concludes, industry associations again step up calls for the removal of mandatory buy-ins.