Following its acquisition by Euroclear in April this year it was only a matter of time before a management shake up was conducted at Trax platform operator Xtrakter. The vendor, which was previously operated as a subsidiary of the International Capital Market Association (ICMA), will now be headed by ex-Euroclear UK & Ireland CEO Yannic Weber, who is replacing current incumbent Kevin Milne.
According to Xtrakter, Milne will be moving on to pursue interests outside of the Euroclear group, following his three year stint leading the vendor. Prior to his appointment at Xtrakter (then ICMA), Milne was executive vice-president at investment management systems vendor SS&C, which he joined from order management systems vendor MacGregor. His previous career included a stint at the London Stock Exchange, and, most visibly, a number of years leading the Electronic Settlements Group (ESG) of Thomson Financial in EMEA, Asia and Australia, up to and including its merger with the DTCC TradeSuite business to form Omgeo.
During his time at Xtrakter, Milne has focused on transforming Xtrakter from a market services division within a trade association into a fully fledged fixed income service provider. Tim May, Xtrakter’s chairman, reckons the changeover represents the next stage in the vendor’s evolution and development as part of the Euroclear group as a whole.
The appointment of Euroclear veteran Weber is therefore a safe bet in bringing the vendor into line with the rest of the group. The acquisition by Euroclear, which was finalised in February this year, has focused on finding synergies between Trax and Euroclear’s own OTC trade matching and routing service.
Weber joined Euroclear in 1983 and last year was appointed CEO of Euroclear UK & Ireland, before which he was managing director and head of the international central securities depository’s commercial division. Prior to joining Euroclear, he held a number of roles at JPMorgan.
In addition to the replacement of Milne, Chris Spires will step down as Xtrakter’s chief financial officer and from the organisation’s leadership team in order to join the Euroclear group’s finance division. Graeme Austin, current director of product management and marketing, will also change roles and is now chief analytics officer for the vendor. Austin will continue to retain marketing responsibilities for the firm going forward in addition to his new role.
Jason Waight, head of product management at Euroclear UK & Ireland, will join the Xtrakter leadership team and incorporate responsibility for Xtrakter’s product and service developments into his existing portfolio.