Electronic brokerage Instinet has appointed Bob Donovan as senior vice president and global head of the company's clearing and settlement group (ICS).
Based in New York, Donovan will report to Kenneth Marshall, executive vice president and chief operating officer, Instinet Corporation. Donovan has been charged with managing Instinet's efforts to move toward a straight-through processing (STP) environment; building out the Instinet clearing infrastructure domestically and overseas; and pursuing third party, correspondent clearing relationships.
Prior to joining Instinet, Donovan served as executive vice president and director of operations for Legg Mason. Previously, Donovan spent 21 years at Goldman Sachs, where he was in charge of domestic and Far East clearance & settlement.
Instinet's clearing and settlement operations, which were based in the World Trade Centre, are now located in midtown Manhattan.