Derivatives collateral management services provider AcadiaSoft has hired industry veteran and a former Nomura over-the-counter (OTC) clearing director Lee McCormack.
McCormack has been appointed head of collateral product management and professional services at AcadiaSoft, responsible for extending the firm’s CollateralManager tool to new customers and expanding the service for buy-side clients.
His career spans more than 15 years and includes senior roles in collateral and clearing at Nomura, UBS, LCH and Morgan Stanley. He joins AcadiaSoft following a short stint with cloud-based collateral firm CloudMargin, where he was head of product development and strategy.
McCormack notably played a pivotal role in the six-person SwapClear Default Management team in 2008 that helped LCH unwind the $9 trillion Lehman Brothers interest rate swap portfolio, which consisted of 66,000 trades.
“Lee’s extensive experience in post-trade market infrastructure, counterparty risk management and collateral management will be tremendous assets as we continue to roll out CollateralManager to buy-side clients and grow our collateral product business,” said Scott Fitzpatrick, director of collateral business and client operations at AcadiaSoft.
AcadiaSoft received a strategic investment from the London Stock Exchange Group last month, after the exchange operator acquired a 16% stake in the company. As part of the deal AcadiaSoft and LCH will collaborate on new products aimed at automating the margin process for non-cleared derivatives.
“As we look toward the next phases of the non-cleared margin rules, there is a lot of preparation work ahead for buy-side community,” McCormack added. “AcadiaSoft will play a critical role in this process and I look forward to helping the team expand and enhance its capabilities available through CollateralManager.”