London-based financial technology company CloudMargin has hired a former senior NEX Group executive and veteran Goldman Sachs banker to become its chief executive.
CloudMargin helps banks to manage they way they exchange collateral to back their trades. The company said on June 3 that Stuart Connolly, formerly chief executive of TriOptima, which was part of NEX Group, will replace Steve Husk as chief executive.
Husk said it “wasn’t an easy decision” to leave CloudMargin, where he has worked since 2015, when he joined as executive chairman. He became chief executive the following year.
Connolly is a former Goldman Sachs managing director who joined TriOptima in late 2016. TriOptima is a post-trade company within Michael Spencer’s NEX Group, which was acquired last year by CME Group, the large Chicago-based exchange company. Connolly left CME in January.
Mark Beeston, chair of CloudMargin and the founder of Illuminate Financial Management, which is one of CloudMargin’s shareholders, said: “Stuart is a well-known, respected industry figure who has been a key leader in the risk-mitigation business across prime brokerage, clearing, collateral and bilateral trade management.”
CloudMargin is an advocate of cloud-based technology for post-trade services and counts global lenders such as Deutsche Bank among its customers.