truePTS, the independent derivatives processing business, has appointed Zohar Hod as its Chief Executive Officer. Hod, a former senior executive at Intercontinental Exchange, joins the fast-growing service at a time of heightened concern in the industry about inflexible technologies and the high costs of legacy post-trade processing industry utilities.
truePTS – formed in December 2015 as an independent derivatives processing service – responds to a slew of regulations impacting the derivatives market. These include clearing and execution mandates, pre-trade credit approval requirements, direct and instant clearing, and onerous bank capital requirements. truePTS will also provide allocations, instant clearing status, and package protocols.
Volumes have surged at truePTS as institutional investors and other trading firms have taken advantage of the next-generation post-trade and regulatory reporting platform. In the five months since the formation of the firm (January to May 2016), volumes have more than tripled to $3.2 trillion – or a monthly average of $638 billion – versus the same period in 2015, when the business was part of trueEX, the derivatives trading business.
Hod joins truePTS from Intercontinental Exchange, where he was most recently Global Head of Technology and Data Sales for ICE Data Services. This follows an illustrious 20-year career in the industry, working in senior positions at IBM, BearingPoint, and SuperDerivatives, which was sold to ICE in 2014 for approximately $350 million.
“It was an easy decision to take on this role when I looked at how pressing the need is for innovative post-trade solutions yet how poorly the industry has historically been served. truePTS is responding to the clear demand for a more technologically advanced and competitive derivatives processing solution,” said Hod.”
"Zohar brings tremendous energy, experience, relationships and the ability to execute at a world class level. Under his leadership, truePTS will create much needed innovation, scale, cost and operating efficiencies for the derivatives industry globally," said Sunil Hirani, board member of truePTS.
truePTS delivers a low-cost, ‘next-gen’ post-trade and regulatory reporting platform that is execution venue, clearing house, and protocol-agnostic, and provides flexible access via GUI or API.
In March 2016, the service announced an agreement with CME Group, making it the first independent derivatives post-trade service to provide a single trade reporting application program interface (API) to meet regulatory obligations in the United States, European Union, Canada, Singapore, Australia, Hong Kong and Japan.
truePTS is an independent post-trade processing and product-agnostic venue that delivers operational and processing benefits for global derivatives to dealers, buy-side firms, inter-dealer brokers, and clearing houses. truePTS offers efficient processing and allocation of very high volumes of trades with a ‘no touch’ process that eliminates the need for trade affirmation while providing an instant clearing status. truePTS has the ability to retrieve and port positions between the major clearing houses and FCMs. It currently provides full straight-through processing with allocations support in 18 currencies and direct access to LCH and CME.