TradingHub Opens in Australia

Risk-based trade surveillance software provider TradingHub has announced its expansion into Australia with an office in Sydney and two appointments to the business.

The company, which claims half of the world’s largest banks as customers, observes that as market manipulation becomes increasingly sophisticated and spreads across asset classes and venues, trade surveillance has become more complex than ever. This change, it adds, has been paired with a progressively assertive regulatory enforcement landscape that routinely sees financial institutions faced with eight- and nine-figure non-compliance fines. This means, it continues, the financial community is facing unprecedented pressure to spot, mitigate and remediate potential instances of market manipulation.

The new operation will be staffed by Michael McNeil, senior relationship manager for Australia, and David Farr, senior advisor, both of whom will report into Shayne Ganeson, global head of sales and relationship management.

McNeil has been at TradingHub for six years, having joined from Autonomous Research, where he worked for almost six years in credit sales and trading, having moved from the banking industry, where he held credit roles at Commerzbank, Dresdner and Merrill Lynch.

Farr, meanwhile, has joined in a consultancy role from ASX, where he has worked for 18 months in risk. Prior to this, he spent more than 12 years at Commonwealth Bank, in its Financial Crime Remediation and Uplift programme. He has also held the COO EMEA FICC role at Merrill Lynch.

“As ASIC and other global regulators continue to strike a more muscular stance in their enforcement, Australian financial institutions need to have access to the tailored surveillance tools and intelligence they need to meet their specific evolving regulatory expectations,” observes Neil Walker, CEO of TradingHub. “The Australian regulatory community is renowned for its dedication to ensuring fair markets exist for all participants and has a strong history of taking decisive actions when financial institutions are non-compliant.

“To navigate this environment successfully requires financial institutions to have both a firm understanding of both current regulatory expectations as well as potential future shifts,” he continues. “David and Michael’s vast financial, regulatory and technology experience will not only help the Australian financial community better understand immediate regulatory expectations but also advance their surveillance goals.”