19 September 2017
Find out more

Knight Capital appoints Andrew Scott MD, NetDelta credit default swap platform

06 May 2009  |  3138 views  |  0 Source: Knight Capital Group

Knight Capital Group (Nasdaq: NITE) today announced the appointments of Andrew P. Scott as Managing Director to oversee the operations of NetDelta, a credit default swap platform that reduces counterparty risk, and Michael S. Shapiro, Director, who is responsible for leading NetDelta's sales effort.

Mr. Scott is an eight-year veteran of Merrill Lynch where he was the lead attorney for credit derivative products and a senior representative for key industry and regulatory initiatives. Prior to joining Knight, Mr. Shapiro was responsible for sales, business strategy and product development for TradeWeb LLC's credit derivatives trading platform, including leading a global effort to increase post-trade business for CDS and IRS.

"Knight is very pleased to have Andrew and Michael on board at NetDelta," said Steven Sadoff, Executive Vice President and Chief Information Officer at Knight Capital Group. "Both are professionals who have been involved in building out the infrastructure of the CDS market. Their talent and experience are an important addition to the NetDelta team as we develop the business."

NetDelta allows institutions that trade credit derivative products to minimize and diversify their counterparty exposure while maintaining their bilateral trading relationships. An alternative to central clearing, NetDelta addresses the root cause of systemic risk through the introduction of standard contracts and the use of pooled credit. Counterparty risk is minimized by multi-laterally netting transactions and using participants' credit lines to reallocate exposures so that their market exposure remains neutral.

"NetDelta is in prime position to help participants minimize counterparty risk in the CDS market," Mr. Sadoff added. "Credit derivative volumes have grown exponentially over the past few years, and with such growth comes operational challenges. NetDelta can help its platform participants address concerns regarding risk management, trade settlement and balance sheet usage. Indeed, counterparty risk management has become increasingly important, and both the industry and regulators are actively looking for ways to reduce systemic risk in the market. We believe NetDelta has a solution that addresses risk concerns without hindering the ability of market participants to invest and trade CDS."

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.vasco.comvisit www.capgemini.com

Top topics

Most viewed Most shared
JPMorgan Chase chief says he would fire traders dealing in bitcoin for stupidityJPMorgan Chase chief says he would fire tr...
10476 views comments | 16 tweets | 29 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
9824 views comments | 6 tweets | 17 linkedin
iPhone X gets Face ID for Apple PayiPhone X gets Face ID for Apple Pay
8910 views comments | 11 tweets | 22 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
8837 views comments | 6 tweets | 3 linkedin
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
8305 views comments | 19 tweets | 39 linkedin

Featured job

circa £250K total package

Find your next job