Philip Forkan in Citi move 04 November 2013London Reporter: Daniel Jackson
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Citi has hired Philip Forkan as the EMEA head of business development for OpenCollateral, Citi's collateral management platform.
Forkan worked most recently at Sapient Global Markets as head of its collateral and clearing practice. Previously, he was global head of collateral management at RBS.
The new role at Citi has been created in response to the growing focus on counterparty exposure and pending introduction of the European Market Infrastructure Regulation (EMIR), which are driving an increased focus on collateral management.
He will report to Fergus Pery, Citi's EMEA head of OpenCollateral.
Sanjiv Sawhney, EMEA head of securities and funds services, said: "Our clients are experiencing unprecedented change as a result of regulations such as Dodd-Frank, EMIR and Base III. We have focused on building a team steeped in collateral experience to help our clients navigate these unchartered waters..."
Launched in 2009, OpenCollateral solution is a global collateral management product that can collateralise any obligation type, via any eligible collateral asset class, held at any custodian.
Citi considers it to be a key component of its OTC Derivatives Service.
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