Cloud-based collateral firm, CloudMargin, announced a former Nomura OTC clearing director has joined the firm to head up its product and strategy.
Lee McCormack is joining from Nomura and has previously worked at Morgan Stanley and UBS, specialising in OTC clearing with a career that spans 15 years.
McCormack said after following CloudMargin for a while, he was enticed to join to “address the main friction points that I know are hurting the firms I have worked with in the past.”
“Providing an easy-to-implement cloud-based collateral management solution is exactly what is needed as new regulations drive more users towards daily margin calls,” he added.
McCormack is the latest to join CloudMargin, which has been expanding its operations into the US by opening an office in New York.
A former sales executive at Fidelity Information Services, Lisbeth Hadingham, has been appointed to head up sales in the US and run the New York office.
Hadingham – who has held sales positions at JP Morgan and Citi – said CloudMargin’s expansion has come at the right time.
Steve Husk, chief executive officer at CloudMargin, said the opening of the New York office will “make life easier for our clients with operations in the US.”