MarketAxess Holdings Inc., the owner of an electronic bond and derivatives-trading system, appointed ex-Goldman Sachs Group Inc. partner Jane Chwick to its board.
Chwick, who was co-chief operating officer of technology at Goldman Sachs, is now an advisory director at the firm, New York-based MarketAxess said today in a statement. Chwick was listed as a full partner at Goldman Sachs in an October 2012 filing. Advisory directors typically are former partners who are no longer employees.
Electronic bond trading is gaining momentum as new regulations curbing risk prompt banks to trim inventories of corporate debt, reducing their willingness to act as middlemen between buyers and sellers. Firms including Deutsche Bank AG and Goldman Sachs are designing systems to accommodate the shift. MarketAxess and BlackRock Inc. said in April they were creating an alliance for a unified bond-trading platform.
“MarketAxess has been at the forefront of market-structure changes in fixed income for well over a decade and today we are at a critical juncture in the evolution of these markets,” Chwick said in the statement.
Investment-grade bond volume on the company’s electronic system are on pace to exceed $400 billion in 2013 after surging 45 percent to $44 billion in September from a year earlier, data from the company show.
Chwick joined Goldman Sachs in 1983 as a programmer and held senior positions including global head of technology for fixed income, currencies and commodities, and global head of technology for the securities division, according to the statement.
Bloomberg LP, the parent company of Bloomberg News, competes with MarketAxess to provide electronic-trading systems for fixed-income markets.