Lead advisor a capital markets development strategy and plan for 9 major markets in the East Asian region, commissioned by the Asian Development Bank as part of a financial markets strategy review.
Stock Exchanges Multi Lateral Trading Facilities Projects
Bahamas International Securities Exchange – Exchange Development*
Project managed all aspects of the operational set up of the BISX in conjunction with an expert team of consultants. This included project definition, Joint Applications Development of products, trading, clearing and settlement, financing and shareholding options, creation of a demutualised shareholding structure, capital raising, organisational and staffing structure and market policies for both domestic and international aspects of the Exchange. Served as Chief Operating Officer of BISX.
Bombay Stock Exchange – Trading System*
Led an advisory team which designed the central algorithm for a highly sophisticated, automated trading system (BOLT) for jobber and broker operation and addressed the regulation and surveillance of the market and changes in member practice. The BSE was the largest manual, floor traded market in the world with over 6000 companies, 3000 brokers and jobbers. Automation had an immediate and positive effect on the market and the SENSEX is a major index traded worldwide.
Bratislava Stock Exchange – Valuation
Acted as prime contractor to the UK Government Know How Fund, carried out a confidential business valuation of the electronic Securities Exchange in the Slovak market. This involved a detailed analysis of the company’s business operations, financial results in the Slovak securities market and the creation of a detailed Securities Exchange valuation report. The final report was validated by Lloyds Bank UK.
Budapest Stock Exchange – Remote Trading*
Provided high-level advice on the risks and technical implementation issues for the decentralisation of electronic trading operations of the Budapest Stock Exchange. (UK Know How Fund).
Colombo Stock Exchange – IT Strategy*
Review of IT Strategy for the CSE in Sri Lanka looking at Trading and CSD business and IT strategy. Reviewed the Millennium Exchange trading system and the CSE’s in-house CSD system.
Czech RM-System – MTF Development
Strategic, business and technical advice to the Czech OTC securities exchange in virtually all aspects of electronic trading and client marketing. The RM-System services over 5 million retail clients, 200 on-line professional brokers, and has nearly 200 share-shops located around the Czech Republic. The electronic system offers virtually risk free real-time clearing and settlement. RM-S has been in operation since 1995 and is now handling over 2 million transactions per annum.
EASDAQ – ICSD Selection*
Evaluated Euroclear and Cedelbank as new settlement organisations for the pan-European EASDAQ Stock Exchange based in Brussels. Managed all aspects of the technical transition to the two new ICSDs resulting in a successful go-live exactly 6 months after project initiation. EASDAQ was taken over by Equiduct some years later.
Ghana Stock Exchange – Demutualisation*
Advised on a detailed 5 year strategic business plan and approach towards eventual demutualisation of the Ghana Stock Exchange. Reviewed all aspects of the internal organisation and advised on new products and services.
Ghana Stock Exchange – Trading System
Reviewed and revised the Request for Proposal document for the Ghana Stock Exchange and made major alterations to content and scope to allow the RFP process to proceed after a halt of nearly 2 years
Kuwait Stock Exchange – IT Strategy*
Carried out a strategic evaluation for the exchange in preparation for the automation of the Exchange’s trading systems. The evaluation covered a detailed review of business requirements and recommendations for the appropriate information technology approach for automating the exchange, guidance on the selection of a suitable package and the consideration of bespoke development issues. The Kuwait Stock Exchange is one of the largest central equities market in the Gulf Region provides leadership in the areas of listing and regulation.
NASDAQ OMX Europe – MTF Implementation & Licensing
Project Manager for the establishment of the NEURO Market, which is an MTF based in London providing high capacity, sub-millisecond latency, securities trading, using co-location and smart order routing to permit pan-European trading and settlement via a Central Counterparty. This included management of the legal and successful licensing process with the UK Financial Services Authority (FSA).
Perm Commodities & Stock Exchange – Development*
Formed part of the advisory consortium appointed by the UK Government Know How Fund. Acted as expert advisor to the city of Perm on the development of secondary market infrastructures and broker-dealer networks to support trading of new equity issues.
Plus Markets Plc, London
Project Director for a trading system project in the City of London, for a publicly owned Exchange with business activities covering the UK and Europe and trading offered in over 7000 securities.
PVT CZ – Management Training
Organised and conducted training, lecture tours and presentations for Senior Management of the largest Czech IT company, with US and UK organisations including: NYSE, NASDAQ, DTCC, Bloomberg, Reuters, Telerate, Merrill Lynch, London Stock Exchange, Euroclear, Clearstream and many others.
Tadawul, Saudi Arabian Stock Exchange – Exchange Systems*
Specification, tender process, evaluation and selection of automated trading systems, surveillance system, central securities depository and technology for Tadawul the Stock Exchange for the Kingdom of Saudi Arabia. Advised on Client – Vendor contractual negotiations, resulting in a successful contract for a multi-million USD project. The providers evaluated included: NASDAQ OMX, NYSE Euronext, Tata Consulting Services, SIA, iFlex, Deutsche Borse.
Tadawul, Saudi Stock Exchange – Contract Review*
Consulting advice to support the program management office on the implementation of a new BaNCS Central Securities Depository System and Fixed Income upgrades to the SAXESS securities trading system.
Tadawul, Saudi Stock Exchange – Information Dissemination*
Strategic review of Tadawul’s Information Dissemination approach for Stock Exchange functions, including a comparison with international best practice and examples from international and regional markets.
Thailand Stock Exchange & Broker Front End System*
Mentored the RFP evaluation and vendor and system selection process for a new Member Front End Trading System for the Thai securities and derivatives market. Worked closely with over Thai 30 broking firms and the Stock Exchange of Thailand during the process. Evaluated several leading vendors including; Biznews, Cameron FIX, Direct FN, DST , FFastFill, Flextrade, Freewill , Horizon, KOSCOM, Metabit, Pdv, Serisys, patsystems, Silverlake, Sungard, Millennium
Thailand Stock Exchange – Systems Replacement*
Mentor and Consultant to SET for the evaluation and selection of new systems for; Equity and Derivatives Trading, Market Data Dissemination, Surveillance, Member Trading Systems. Used a BCL developed SCARFES methodology (Scored Criteria Assessment & Ranking For Exchange Systems). Detailed evaluation and workshops with; Cinnober (TradeExpress, Scila), Nasdaq OMX (Genium INET, ACTIV Financial), Millennium IT (Exchange), NYSE Technology (UTP), ALGO technologies (ALGO M2), Korea Stock Exchange (Exture), Tokyo Stock Exchange (Arrowhead), Thomson Reuters, Financial Technologies India (Dome)
Toronto Montreal Stock Exchange – IT Strategy*
Part of an advisory team developing a complete IT strategy for the recently merged Exchanges of Toronto and Montreal. Focussed on IT Roadmap, and consolidation of equities and derivatives trading system architectures, Total Cost of Ownership, comparisons with similar exchanges including; Deutsche Borse, NYSE, LSE, ASX. The study involved a detailed IT, business and cost analysis of several ECNs / MTFs including: Chi-X, BATS, Alpha and NASD.
Warsaw Stock Exchange – IT Strategy*
Strategic study for the future of trading in the Polish market. Detailed requirements, evaluation and selection of a new trading system for the Exchange which included NASDAQ OMX CLICK XT and NYSE NSC.