Fintech company OpenFin announced on Wednesday it has appointed Mark Yallop a new non-executive board director. According to the company, Yallop is an experienced industry practitioner dedicated to driving innovation and standards in capital markets.
OpenFin also reported that Yallop 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). Yallop 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). Speaking about his new position at OpenFin, Yallop stated:
“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. 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.”
Mazy Dar, CEO of OpenFin, added:
“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.”
As previously reported, OpenFin describes itself as a financial industry common operating layer. The company enables rapid and secure deployment, native experience and desktop interoperability. It also deploys desktop applications both in-house and to their buy-side and sell-side customers. The company also reported that its powers applications have licensed more than 100,000 desktops, including applications from 35 of the world’s largest banks and trading platforms.