Fonetic has appointed three investment banking stalwarts to create a new product advisory board.
The three industry veterans include Nick Child, Sandy Broderick, and Oliver Blower.
According to Fonetic, the second Markets in Financial Instruments Directive (MiFID II) is a key focus for banking executives.
With this in mind, Child, former Citi markets compliance head, has joined Fonetic as chairman of the advisory board.
Meanwhile, former Societe Generale managing director, Broderick, brings over two decades of experience in derivatives trading and post-trade infrastructure.
Additionally, Blower, CEO of regulation technology firm VoxSmart and formerly Bank of America Merrill Lynch and Barclays Capital, completes the team.
Blower has experience in high-growth technology, which will enable him to enhance Fonetic’s surveillance capabilities.
Together they will provide Fonetic with expert advice on regulatory compliance, surveillance, and technology.
The purpose of the advisory board is to ensure each solution that Fonetic develops has industry relevance and leverages each board member’s market exposure and regulatory and trading floor expertise.
Child commented: “Firms are struggling to adapt old tools to new challenges. The tools simply aren’t suited to the more onerous requirements of MiFID II and Market Abuse Directive/Regulation.”
“Addressing these issues takes precious time and, of course, money. Fonetic has the technology to reduce compliance headaches for financial institutions.”
Broderick said: “With the Senior Managers Regime, individuals have a greater responsibility to ensure and demonstrate greater oversight and control of their businesses.”
“It gives them increased personal liability. Fonetic supplies powerful tools that can extract and analyse multiple sources of information, making regulatory oversight a much more cohesive and immediate process.”
Blower added: “Conduct and cyber risk are the emerging systemic risks the financial system is facing today. There is no question that Fonetic’s unique surveillance capabilities and industry experience play an important role in helping market participants mitigate these risks.”
Juan Manuel Soto, founder and CEO of Fonetic, concluded: “We’re extremely proud to have assembled a team with such wide-ranging and in-depth knowledge directly relevant to our business goals.”
“Collaborating with senior practitioners with a proven track-record will help ensure our product remains a leader in the face of continued regulatory and market infrastructure change.”
