CloudMargin, the award-winning creator of the world’s first and only collateral and margin management solution native to the cloud, announced today that Daniel Schwartz, a 20-year veteran of financial products, markets and technology leadership, has joined the firm as Chief Information Officer (CIO). Based in the New York office of the London-based company, Schwartz reports to CEO Steve Husk.
Schwartz has extensive experience in financial risk management, derivatives, trading, structuring, business strategy, technology and operations across a broad spectrum of fixed income and equity products, including at several of the world’s leading banks. He also founded two strategic technology consulting firms and served some of the largest Fortune 1000 companies. In the newly established role at CloudMargin, he is responsible for the Product, Technology and Client Operations teams, including the roadmap and implementation of the company’s product design and the operations of its platform.
Husk said: “Since we started CloudMargin almost five years ago, our clients have had to face daunting new regulatory requirements and technology challenges. We wanted to address these challenges head-on. As a result, we have grown our client base and personnel while introducing important enhancements to our service. Now is the ideal time to bring Dan on board, as he will bring a seasoned, strategic focus to our product development, technology, operations and client service. CloudMargin has always been a first mover in the collateral management space. Dan’s breadth of experience and in-depth understanding of what our clients need will bring an important fresh perspective to our offering.”
Schwartz said: “CloudMargin has, in a very innovative way, done an incredible job of using technology to solve a material business problem and to bring together all of the relevant parties in the collateral lifecycle. The firm has built automation tools that bring tremendous efficiencies, and it has already established a track record for attracting and serving large, high-profile market participants, creating a need to transition to something much bigger than it is today. I’m excited about the opportunity to help super-charge the operation and work with our talented team to ensure we take the company to the next level at this interesting inflection point in our development.”
For the past seven years, Schwartz was a Managing Director at NatWest Markets, formerly known as the capital markets division of Royal Bank of Scotland (RBS). Most recently, he led the transformation of its North American infrastructure services, including overseeing its re-engineering through outsourcing operations and leveraging cloud-based services. During his tenure at the bank, he also headed cross-product technology initiatives to support preparedness for compliance with Dodd-Frank regulations, particularly with respect to Swap Execution Facilities (SEFs) and automated fixed income trading.
Schwartz founded FST Consulting, Inc. in New York, which provided strategic financial services and technology consulting to a wide range of firms.
From 2005 to 2008, Schwartz was a Director at Citigroup, Inc., serving as the in-business Chief Technology Officer (CTO) for the Tier 1 bank’s Fixed Income Currencies and Commodities unit in New York. From 2002 to 2005, he was Vice President and Chief Business Technologist at JPMorgan Chase, responsible for the overall delivery of technology to the firm’s Global Treasury and managers of the bank’s structural interest rate risk.
Schwartz began his career at Salomon Brothers Inc., where he spent 10 years in trading and research positions, ultimately as Vice President, US Equity Derivatives Trading in New York. Before that role, he managed Japanese fixed income proprietary trading and customer business at the firm as Vice President, Fixed Income Arbitrage in Tokyo. He also founded and served for a decade as President of RomeBlack, Inc., a technology consulting firm focused on helping clients use technology to create a sustainable strategic advantage.
Schwartz earned a Bachelor of Arts degree in Mathematics at Columbia University in New York.