NetOTC, the independent platform for managing and margining global non-standardized OTC derivatives, today announced that Alberto Giovannini has joined the NetOTC Board of Directors.
NetOTC is the independent platform for managing and margining non-standardized OTC derivatives and is responding to the G20 requirements for greater market stability and systemic risk reduction. The NetOTC platform is designed to reduce risk, deliver costs savings associated with capital and collateral management and introduce a transparent market infrastructure for non-standardized OTC derivatives.
Mr Giovannini is ex-Chairman of the 'Giovannini Group', formed to assess the impact of the single European currency on the European Capital Markets. Formed in 1996, the group identified European financial market inefficiencies and collaborated with industry bodies including the ECB to introduce rules, guidelines and processes designed to create a more efficient and better-functioning European capital marketplace. Under Mr Giovannini's chairmanship, the Group identified a number of barriers preventing efficient EU and cross-border clearing and settlement, known as the 'Giovannini Barriers'. The Group's work is recognized to have formed the framework to create post-trade settlement harmonisation across Europe.
Mr Giovannini has authored numerous academic papers on a wide range of topics. Recently he has published a number of papers on financial market reform, which illustrate well his theories and views on improving the functioning of markets.
Bob Wigley, Chairman, NetOTC, said, "We are honored that Alberto has agreed to join our board. Alberto will chair NetOTC's risk and governance committee which allows us to ensure that we build and maintain a robust and rigorous operating framework. His undisputed industry pedigree and insight will prove invaluable as we bring NetOTC to the market. NetOTC is wholly supportive of the G20 reforms designed to make the OTC market more efficient and transparent."
Alberto Giovannini, Non-Executive Board Member, NetOTC, added, "I am delighted to be part of NetOTC. We are at a pivotal point of market infrastructure change and it and it is abundantly clear that the financial services industry has to respond to the G20 requirements and deliver improved infrastructure and market stability. NetOTC's approach for non-standardized derivative transactions will provide much needed safeguards to market stability as well as transparency for the regulators."