Long-delayed OTC derivatives trading company SwapsWire Limited has appointed Goldman Sachs MD and SwapsWire director Chip Carver as chief executive officer, succeeding Andrew Brown, who has stepped aside for "personal reasons".
SwapsWire is backed by a consortium of 23 institutions, with technology provided by AVT and Syntegra.
The system was initially scheduled for live launch in the first quarter of 2001 but has suffered successive regulatory and technical hitches. The company gained FSA approval for launch in the UK in August and has been promising live dealing since the tail-end of last year. However technical hiccups have consistently derailed the schedule, entailing lengthy software testing.
Brown's departure and the appointment of Carver indicates that the consortium is gearing up for an imminent launch. Carver joins SwapsWire from The Goldman Sachs Group, where he was a managing director in global interest rate products.
"I look forward to taking a hands-on role in making SwapsWire the leading electronic platform for direct swaps dealing and operations straight-through processing for interest rate derivatives," says Carver.
Ardavan Nozari, a SwapsWire board member and a managing director at Citigroup, states: "Given Carver's involvement in SwapsWire since its early days, we believe he is the ideal leader to move the company forward."
A consortium spokeswoman says Brown, who has led SwapsWire since its inception, is standing down for "personal reasons", but would not elaborate.