EXCLUSIVE: Richard Glen joins HQLAX as Solutions Architect
01 February 2022 UK
Image: RG
HQLAX has appointed Richard Glen as Solutions Architect.
Glen is based in HQLAX鈥檚 newly-opened London office in Gresham Street and began his employment with the company this morning.
Speaking exclusively to SFT, HQLAX鈥檚 chief operating officer Nick Short says that Richard Glen鈥檚 appointment is central to the company鈥檚 plans to expand its business footprint in London.
鈥淩ichard鈥檚 role as Solutions Architect is focused on solving business problems for our clients,鈥� says Short. 鈥淲e work closely with customers to address their pain points and to apply the HQLAX solution to bring greater efficiency to collateral mobilisation, transformation and liquidity management needs.鈥�
Short explains that HQLAX鈥檚 Delivery-versus-Delivery (DvD) model enables clients to lower their capital costs by reducing intraday liquidity requirements, credit risk and operational risk.
鈥淭his DvD model enables users to instruct change of ownership of collateral baskets to the nearest minute, allowing users to fine tune and optimise their collateral and liquidity management strategies,鈥� says Short. 鈥淲hen managing Liquidity Coverage Ratio and Net Stable Funding Ratio requirements, for example, this enables users to manage their liquidity buffers more efficiently by permitting transfers of HQLAX baskets in close to real time.鈥�
Glen leaves Clearstream after 17 years with the organisation, most recently serving as head of collateral management within Clearstream鈥檚 Banking, Funding and Financing division based in London. For the past 18 months, he was also general manager of Clearstream Banking SA鈥檚 London branch.
Prior to this, Glen was Clearstream鈥檚 head of global securities financing (GSF) sales for the UK, Ireland and Americas from 2005 until 2016, adding the Asia-Pacific region to these responsibilities from 2016 until 2018.
鈥淗aving worked for 15 years with collateral and liquidity management solutions in a financial infrastructure environment, I welcome the opportunity to apply these skills at HQLAX, working closely with clients to meet their service requirements and to broaden the solutions offered by the HQLAX platform,鈥� comments Glen.
HQLAX was launched in 2018 as a collaboration with Deutsche B枚rse Group for securities lending and collateral transformation hosted on R3鈥檚 Corda blockchain solution. This aims to bring greater efficiency in the movement of high-quality liquid assets (HQLA).
The HQLAX model aims to support collateral transformation trades 鈥� for example upgrading lower quality to higher-quality collateral 鈥� but without the need to transfer securities between custody accounts of the trading parties.
Instead, a tokenised transfer of ownership takes place on distributed ledger technology (DLT), while the underlying securities remain static and are kept off blockchain.
The platform is accessed via Eurex Repo鈥檚 trading system, with Deutsche B枚rse standing as a 鈥渢rusted third party鈥� (TTP) to the transaction, holding baskets of securities at tri-party agents and custodians on behalf of market participants.
Critical mass has been building on the platform. Commerzbank, UBS and Credit Suisse have been active in the project since 2018 as early adopters, alongside Deutsche B枚rse Group as major shareholder and TTP.
In January 2021, HQLAX completed a 鈧�14.4 million funding round with BNY Mellon, Goldman Sachs, BNP Paribas Securities Services (BNPPSS), Citi and Deutsche B枚rse Group.
In June, HQLAX also added JPMorgan as a strategic investor in its Series-B funding round.
In concluding, Nick Short adds: 鈥淥ur clients are attracted by what the HQLAX platform is able to deliver today, but also particularly by what it will deliver in the future. We build our solutions in close collaboration with our customers. The expertise that Richard brings to the company is essential to this process 鈥� and we are highly excited by his appointment.鈥�
Glen is based in HQLAX鈥檚 newly-opened London office in Gresham Street and began his employment with the company this morning.
Speaking exclusively to SFT, HQLAX鈥檚 chief operating officer Nick Short says that Richard Glen鈥檚 appointment is central to the company鈥檚 plans to expand its business footprint in London.
鈥淩ichard鈥檚 role as Solutions Architect is focused on solving business problems for our clients,鈥� says Short. 鈥淲e work closely with customers to address their pain points and to apply the HQLAX solution to bring greater efficiency to collateral mobilisation, transformation and liquidity management needs.鈥�
Short explains that HQLAX鈥檚 Delivery-versus-Delivery (DvD) model enables clients to lower their capital costs by reducing intraday liquidity requirements, credit risk and operational risk.
鈥淭his DvD model enables users to instruct change of ownership of collateral baskets to the nearest minute, allowing users to fine tune and optimise their collateral and liquidity management strategies,鈥� says Short. 鈥淲hen managing Liquidity Coverage Ratio and Net Stable Funding Ratio requirements, for example, this enables users to manage their liquidity buffers more efficiently by permitting transfers of HQLAX baskets in close to real time.鈥�
Glen leaves Clearstream after 17 years with the organisation, most recently serving as head of collateral management within Clearstream鈥檚 Banking, Funding and Financing division based in London. For the past 18 months, he was also general manager of Clearstream Banking SA鈥檚 London branch.
Prior to this, Glen was Clearstream鈥檚 head of global securities financing (GSF) sales for the UK, Ireland and Americas from 2005 until 2016, adding the Asia-Pacific region to these responsibilities from 2016 until 2018.
鈥淗aving worked for 15 years with collateral and liquidity management solutions in a financial infrastructure environment, I welcome the opportunity to apply these skills at HQLAX, working closely with clients to meet their service requirements and to broaden the solutions offered by the HQLAX platform,鈥� comments Glen.
HQLAX was launched in 2018 as a collaboration with Deutsche B枚rse Group for securities lending and collateral transformation hosted on R3鈥檚 Corda blockchain solution. This aims to bring greater efficiency in the movement of high-quality liquid assets (HQLA).
The HQLAX model aims to support collateral transformation trades 鈥� for example upgrading lower quality to higher-quality collateral 鈥� but without the need to transfer securities between custody accounts of the trading parties.
Instead, a tokenised transfer of ownership takes place on distributed ledger technology (DLT), while the underlying securities remain static and are kept off blockchain.
The platform is accessed via Eurex Repo鈥檚 trading system, with Deutsche B枚rse standing as a 鈥渢rusted third party鈥� (TTP) to the transaction, holding baskets of securities at tri-party agents and custodians on behalf of market participants.
Critical mass has been building on the platform. Commerzbank, UBS and Credit Suisse have been active in the project since 2018 as early adopters, alongside Deutsche B枚rse Group as major shareholder and TTP.
In January 2021, HQLAX completed a 鈧�14.4 million funding round with BNY Mellon, Goldman Sachs, BNP Paribas Securities Services (BNPPSS), Citi and Deutsche B枚rse Group.
In June, HQLAX also added JPMorgan as a strategic investor in its Series-B funding round.
In concluding, Nick Short adds: 鈥淥ur clients are attracted by what the HQLAX platform is able to deliver today, but also particularly by what it will deliver in the future. We build our solutions in close collaboration with our customers. The expertise that Richard brings to the company is essential to this process 鈥� and we are highly excited by his appointment.鈥�
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