LONDON, April 17, 2002 - SwapsWire Limited, an electronic trading and communications network backed by 23 leading participants in the derivatives market, today announced that its Board of Directors has elected SwapsWire Director, Chip Carver, as Chief Executive Officer, succeeding Andrew Brown.
Mr. Carver joins SwapsWire from The Goldman Sachs Group, Inc., where he was a managing director in Global Interest Rate Products.
"I look forward to taking a hands-on role in making SwapsWire the leading electronic platform for direct swaps dealing and operations straight-through
processing for interest rate derivatives," said Mr. Carver. "I will work closely with SwapsWire's strong management team to accelerate the platform's
development and expand the number of participating dealers."
Ardavan Nozari, a SwapsWire board member and a managing director at Citigroup, stated: "Chip Carver has an outstanding reputation and extensive experience in derivatives. Given his involvement in SwapsWire since its early days, we believe he is the ideal leader to move the company forward."
"We deeply appreciate the contributions of Andrew Brown, who assembled a first-class organization," added Richard Cohen, a member of the SwapsWire board and a managing director at Bank of America. "His efforts laid the groundwork for making SwapsWire the platform of choice for dealers to book and confirm derivatives transactions however they are dealt. We wish Andrew well."
Goldman Sachs' Head of Global Interest Rate Products, Philippe Khuong-huu, said: "We will miss Chip's direct involvement at Goldman Sachs. Yet we are excited that he will help drive important innovations for the derivatives community, such as giving participants the tools to achieve cost and operational efficiencies."