OpenFin has announced that Mark Yallop has joined the firm as a non-executive board director. Yallop is an experienced industry practitioner and serves as an Independent Member of the Prudential Regulation Committee at the Bank of England and as Chair for the Fixed Income, Currency and Commodities (FICC) Markets Standards Board (FMSB). Prior to his current tenures, Mark served as UK Group CEO at UBS, responsible for UBS’s Investment Banking, Wealth Management and Asset Management activities; Group COO and main board director at ICAP; Group COO at Deutsche Bank; and on the board of the International Swaps and Derivatives Association (ISDA).
Commenting on his recent appointment, Mark Yallop said: “As the financial services industry emerges from the shadows cast by the financial crisis, and faces up to the new challenges resulting from regulatory developments and behavioural changes by market participants, radical re-thinking is needed about traditional business models.”
Yallop added: “OpenFin is innovating in some of the most fundamental areas in capital markets, providing the foundation for innovation and digital transformation across the industry. The industry can no longer afford archaic distribution infrastructure and a fragmented desktop environment. The OpenFin operating system will fundamentally change financial desktops in the same way that Android standardised non-Apple mobile devices.”
According to a recent report by Greenwich Associates, “antiquated processes cost financial services firms roughly $1.5 billion annually on an aggregate basis.”
Designed specifically for financial services and deployed at more than 400 financial firms, OpenFin OS modernizes desktops and standardizes the operating environment for hundreds of industry applications. Banks, brokers, asset managers and hedge funds can now unify a fractured ecosystem of financial applications to build their own unique desktop environment, selecting the very best applications necessary for each end user’s workflow. These can include trading applications, ultra-fast market data grids and visualisation apps, the latest research and charting tools, predictive pricing engines, chat functions, and a host of supporting applications for compliance, risk management and related corporate areas.
Mazy Dar, CEO of OpenFin, said: “I am delighted to welcome Mark Yallop to our Board of Directors. He brings a deep understanding and knowledge of the wholesale capital markets and an outstanding track record in addressing challenges exposed and commercial opportunities created by regulatory change. His passion for driving industry collaboration and innovation will be instrumental in our journey to standardize OpenFin OS across financial services.”