LONDON and NEW YORK, Oct. 27, 2014 /PRNewswire/ -- OpenGamma, a leading provider of OTC market structure risk management and analytics solutions, today announced that Mark Beeston has been appointed as Chairman of the Board of Directors. OpenGamma also appointed Cristobal Conde, former CEO of SunGard, to its board.
The appointments come at a time of rapid growth in demand from financial institutions for more efficient use of capital. OpenGamma provides standardized, precise, and transparent margin calculations from the major clearing houses, enabling financial services firms to optimize their use of capital.
"OpenGamma is rapidly becoming the standard for margin calculations, a key component for financial institutions during this market structure evolution," said Beeston. "The opportunities for growth are clearly significant and I look forward to continuing my work with the board to help reinforce OpenGamma's position at the heart of the financial ecosystem."
"We are proud to have such an experienced industry professional as Mark to chair our board," said Mas Nakachi, Chief Executive Officer of OpenGamma. "His background in financial services and his deep understanding of banking and financial technology make him the ideal person to lead OpenGamma's next phase of growth."
An OpenGamma Board member since 2012, Beeston has over 20 years of experience working at leading financial institutions. He established Illuminate Financial Management in February 2014 after four years serving as Chief Executive Officer for ICAP's post-trade risk business.
Beeston's appointment follows the decision by former Chairman and Co-Founder Kirk Wylie to take on the role of Chief Innovation Officer. Wylie will continue on as a Board Member.
Beeston is joined on the board by a newly appointed Board Member, Cristobal Conde, former CEO of SunGard. Conde held a number of executive management roles at SunGard, including 12 years at its helm, and has a long and successful track record of accelerating the growth of fintech companies.
"My 30-year career has been dedicated to harnessing technology to deliver more efficient solutions to the financial industry," said Conde. "During this time there were only a few initiatives which could be considered truly transformative. OpenGamma's approach to risk and margin measurement is one of them."
The OpenGamma Board of Directors comprises:
- Mark Beeston, Chairman (Illuminate Financial Management)
- Cristobal Conde (Independent Non-Executive Director)
- Steve Gibson (ICAP / Euclid Opportunities)
- Bruce Golden (Accel Partners)
- Lawrence D. Lenihan, Jr. (FirstMark Capital)
- Mas Nakachi (OpenGamma)
- Kirk Wylie (OpenGamma)
OpenGamma helps financial services firms evaluate, understand, and manage market risk in an open, transparent manner.
The OpenGamma Platform enables firms to optimize their businesses in the evolving OTC markets, improving capital efficiency and balance sheet management. It provides tools for multi-CCP margin calculations, what-if analysis and stress testing, and real-time, cross-asset risk and trading analytics across customized risk scenarios and industry-standard metrics.
Used by both buy-side and sell-side firms, exchanges, CCPs, and other segments of the OTC derivatives market structure, OpenGamma brings a new standard of transparency to the industry, enabling users to gain more insight into their underlying risk exposures, better assess the true costs of trading, and respond more rapidly to the ever-evolving regulatory landscape.
Backed by Accel Partners, FirstMark Capital, ICAP plc and Euclid Opportunities, OpenGamma is headquartered in London with an office in New York. For more information, visit http://www.opengamma.com.
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