He will use his considerable experience and expertise to drive Business Development at Trace Financial. His initial responsibilities will include creating new visibility and penetration for Trace's middleware, XML transformation and corporate actions solutions.

Prior to Trace, Hugh Cumberland has held a variety of roles in the City of London with both users and suppliers of technology solutions. He was assistant director responsible for IT at Baring Securities, Project Director at Syntegra, Securities & Treasury Market Manager at SWIFT, Managing Director at Tantus Plc. Previously he had held senior positions in technology with Quotient, Charterhouse & Banque Indosuez. His career in technology started with Marconi in 1974, after which he worked for the government for a number of years.

Most recently Hugh Cumberland was head of Product Management at Mercator and was instrumental in their success in delivering credible GSTPA, SWIFT and Omgeo solutions.

He is a freeman of the Worshipful Company of Information Technologists and a freeman of the City of London.

Hugh Cumberland said: "Trace Financial is a very interesting company with solid foundations, a great customer base and an impressive portfolio of STP-relevant products. It's tremendous to be given the opportunity to help expand Trace's footprint not just in the UK but also across Europe. I can see great opportunity for Trace to work with the industry and achieve greater levels of automation, efficiency and risk reduction by building on the good work that has already been done."

Nick Tonge Sales Director, Trace Financial welcomes Hugh to his new role "Trace Financial has always been at the forefront of technology, being one of the first companies to develop and market EAI, Corporate Actions Management Systems and XML based products for the finance industry. With Hugh's market knowledge, strategic thinking and standing in the finance community, will I am sure have a very positive effect on my team, the company and more importantly our clients. Hugh's strategic view of the market will help to ensure that Trace Financial continues to invest in products and services that match our client's needs in both today's market and for future market challenges."

John Murphy, Trace Financial's Managing Director said "I have consistently seen a steady growth in the company's ability to respond to market demand. Trace Group plc’s growth aspiration has now been further accelerated and will help broaden our client base. Hugh's acceptance of the role will again add additional impetus to the company's growth and success. I welcome Hugh to the team."