NEW YORK, Nov. 5, 2013 /PRNewswire/ -- trueEX LLC, the first CFTC-regulated electronic exchange for swaps which provides execution and processing services as a CFTC-regulated Designated Contract Market (DCM) and a Swap Execution Facility (SEF), today announced that Karen L. O'Connor has been appointed Chief Operating Officer.
"Karen brings an exceptional skill set. She has technical and managerial skills, depth of experience and the ability to apply these across multiple stages of company growth. Her expertise in financial technology, operating execution and legal and regulatory requirements will be invaluable to our clients and our leadership team. Karen is a strong addition to our senior management team, is a great fit for our culture, and will help shape the company's future," said Sunil Hirani, trueEX CEO.
"I'm delighted to join trueEX at such an exciting time in its history," said Ms. O'Connor. "The company is clearly a market leader with an innovative approach to supporting our clients through state-of-the-art technology and advisory capabilities well beyond what is available elsewhere in the industry. Our clients are provided with the most advanced customized solutions and strong business partnership support. I look forward to helping trueEX grow as a market leader in the electronic exchange space for swaps."
Ms. O'Connor joins trueEX from eSecLending, a world class securities lending firm, where she most recently served as President and Co-Chief Executive Officer. She led the company through a period of high growth and multiple industry awards. Prior to that she was Vice President of Operations at Fidelity for their telecommunications start-up ventures. Ms. O'Connor was also Chief Operating Officer for CyberTrust Solutions, an Internet security start-up, where she led the company through a period of rapid growth culminating in an acquisition by Baltimore Technologies. Ms. O'Connor received her Bachelor of Arts degree in economics from The College of the Holy Cross and her M.B.A. from the Sawyer School of Management at Suffolk University.
About trueEX
New York-based trueEX LLC operates the first swaps exchange approved by the Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM). The trueEX DCM was designed from the ground up as the first Dodd-Frank compliant swaps exchange. The Company will initially trade interest rate swaps, will add other liquid derivatives to its portfolio and is the first to provide back loading, termination, rebalancing and compaction services for the IRS (interest rate swaps) market.
trueEX was founded by its CEO, Sunil Hirani who also founded Creditex, the first electronic trading platform for credit default swaps (CDS). In 2008, Mr. Hirani sold Creditex to Intercontinental Exchange, where he subsequently led the initiative to acquire The Clearing Corporation (TCC) which allowed ICE to clear credit derivatives globally. Mr. Hirani and members of the trueEX management team also launched T-Zero (now ICE Link) and led the initiative to create Credit Event Fixings and Delta Neutral Auctions (DNA). For further information www.trueex.com
SOURCE trueEX LLC
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