AcadiaSoft chairman to step down 19 August 2019New York Reporter: Jenna Lomax
Image: Shutterstock
Howard Edelstein is set to step down as chairman of AcadiaSoft later this year.
AcadiaSoft provides risk and collateral management services for the non-cleared derivatives community. It is an industry collaborative comprised of 17 global banks and infrastructures, including CME, LSE, DTCC and Euroclear.
Edelstein has been a member of AcadiaSoft鈥檚 board since it was founded in 2009.
Edelstein said: 鈥淏ack in 2009 when I first got involved, AcadiaSoft was a promising idea being incubated by its founders, Craig Welch and Dan Moyse, whom I had worked with at Thomson and Omgeo developing similar innovations in risk mitigation.鈥�
Since then, regulatory changes have been driving the need for a solution to fully automate the margin and collateral management process since September 2016, when uncleared margin rules went into effect in five phases over four years.
According to AcadiaSoft, all of the firms covered by the first three phases of the rules are using its hub platform to comply, including the first buy-side firm to be subject to the rules.
AcadiaSoft said it plans to immediately begin a search for Edelstein鈥檚 replacement.
Commenting on his departure, Edelstein said: 鈥淎fter almost a decade of working to build AcadiaSoft to the industry standard for margin and collateral risk mitigation, as well as leading and securing the company鈥檚 latest investment round, it is a good time to announce that I plan to step down.鈥�
Looking ahead to AcadiaSoft鈥檚 future trajectory, Edelstein said he believes there are many challenges ahead where combining innovation in fintech and cybertech with support and engagement from the banks and other financial instructions will benefit the entire industry.
Of his future endeavours, Edelstein stated that he plans to focus on his personal investments in other fintech companies including BioCatch where he is CEO and chairman.
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one securities finance news source this
year, make sure it is your free subscription to Securities 麻豆影视传媒 Times
Image: Shutterstock 