DelphX Appoints Reinsurance Veteran Steven Mannik To Its Board Of Directors
Appointment further deepens the actuarial and risk-management expertise of DelphX leadership
NEW YORK, Aug. 28, 2018 /PRNewswire/ -- DelphX Capital Markets Inc. (DELX.V) ("DelphX") announced today that it has appointed Steven Mannik as an independent member of its Board of Directors. Subject to approval by the TSX Venture Exchange, Mr. Mannik will serve as a non-officer director and member of the company's Independent Audit Committee.
Mr. Mannik is a Fellow of the Society of Actuaries and the Canadian Institute of Actuaries, and served for many years as President and CEO of General Re Life Corporation, an affiliate of Berkshire Hathaway, where he was a key member of the group's Decision Analytics (Big Data / Predictive Modelling) initiative. Prior to joining Gen Re, Mr. Mannik served as Executive Vice President and General Manager of Manulife Reinsurance with responsibility for all aspects of Manulife's reinsurance business worldwide.
"I am delighted to welcome Steve to our Board," said Larry Fondren, DelphX's Founder and CEO. "His extensive leadership experience in global risk management and modelling will be of immeasurable value to DelphX and holders of our risk-diffusing Quantem Securities."
About DelphX:
DelphX is a technology company focused on optimizing fixed income markets around the world by transforming the way credit capital is secured. It is developing a blockchain-powered solution employing proprietary distributed ledger technology and actuarial science to facilitate broad diffusion of credit default risks. The new DelphX alternative trading system ("ATS") facility will be regulated by the SEC and operated by DelphX Services Corporation, a FINRA member firm, to facilitate the negotiation, purchase and trading of two new forms of Smart Securities:
- Covered Put Options (CPOs) that provide secured default protection for underlying corporate, municipal and sovereign securities, with each CPO strike-price equaling the par value of its underlying security; and
- Covered Reference Notes (CRNs) that allow investors to take on exposure to the default risk of a single underlying security or to optionally participate in a pool of diversified risks that broadly diffuses the impact of each credit event among all participants.
All CPOs and CRNs will be issued by Quantem Capital Corporation Ltd.("Quantem"), a wholly-owned subsidiary of DelphX, and transparently administered within an immutable Distributed Ledger. A traditional book-entry record of each CPO and CRN will also be maintained in parallel by Quantem's issuing and paying agent to provide additional transparency and efficiency.
DelphX is not owned or controlled by any entity with a vested interest in the success of particular issuers, securities or market participants. As a result, DelphX will not directly or indirectly compete with any of its participants or CPO or CRN holders.
For more information about DelphX, please visit www.delphx.com.
This news release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or availability of an exemption under the securities laws of that jurisdiction.
Forward-Looking Statements
This news release contains certain "forward-looking statements" including, without limitation, statements regarding the launch of the DelphX market. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: the state of the capital markets, tax issues associated with doing business internationally, the ability of DelphX to successfully manage the risks inherent in pursuing business opportunities in the financial services and Blockchain industry, and the ability of DelphX to obtain qualified staff, equipment and services in a timely and cost-efficient manner to develop its business. Any forward-looking statement reflects information available to DelphX as of the date of this news release and, except as may be required by applicable securities laws, DelphX disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE DelphX Capital Markets Inc.
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