Financial industry association Isitc Europe has appointed Citi's Nigel Solkhon interim chief executive as its bids to reboot and establish itself as a significant voice in the post-trade sector.
Established in the early 1990's, Isitc Europe counts firms and individuals from across the capital markets sector among its members, promoting operational efficiency through working groups, education and conferences and seminars.
However, the association has seen its numbers and influence dwindle over recent years as it has failed to keep up with the pace of industry change since the global economic crisis.
After five years in charge, CEO Graeme Austin has left to be replaced on an interim basis by Nigel Solkhon, a founding member of the association and 27-year FS industry veteran who is currently head of execution 2 custody product in Emea at Citi.
In a letter that pointedly fails to mention his predecessor, Solkhon sets out what he sees as the group's failings and a set of initiatives for "re-establishing Isitc Europe as a leading forum for operational and technological expertise".
Solkhon blames some of the association's decline on the aftermath of the 2008 crisis but also says that it had "become less relevant to the current industry agenda and has been too narrow in its own activity", leaving it "overlooked as an industry voce".
To help tackle this, he has set out a series of areas of focus, inviting feedback from members on the blockchain, standards, regulation, industry engagement and boosting membership ahead of a gathering in February.