Prior to joining FMC, Manso served as director of strategic sales and account management at Omgeo, and prior to that he was with DTCC. Mansoâs experience in domestic and global custody commenced in 1983 at U.S. Trust.
"FMC recognizes the demand among investment managers, broker/dealers and custodians in North America and Europe for seamless and cost-effective trade communication services. We have responded by creating FMCNet2, a web-based version of our pioneering FMCNet network," said Stamos Katotakis. "We have created a new role for the global oversight of our FMCNet business unit in order to support the growth of the business and we are pleased to have Jose Manso at the helm."
Katotakis noted that sales, implementations, support, product management and other functional groups within the FMCNet business will be re-aligned under Manso to support the expected growth and expects that FMC will add staff over time to support the expansion of the FMCNet unit.
"Financial Models is a proven industry leader, and Iâm delighted at the prospect of applying my experience and skills to the establishment of FMCNet2 as the trade communications network of choice for financial institutions worldwide," said Jose Manso, Managing Director â FMCNet.
Launched in 1990, FMCNet has more than 240 clients worldwide. FMCNet2, a next generation, real time and Web-based trade communications network, was unveiled in February of this year. At that time, more than 60 clients moved to FMCâs upgraded standing settlement instructions database (SSID). FMC plans to migrate all existing FMCNet clients to the new network.
Through anytime, anywhere Web browser access, FMCNet2 provides local matching, interfaces into other networks such as SWIFT, as well as a central matching utility for real time messaging between counterparties, ensuring reduction in trade failures, greater STP (straight-through processing) rates and lower costs. FMCNet2 supports multiple formats and connections, and effects the communication all of a userâs data over a single, secure pipeline without the need to incur the costs of additional systems. FMCNet2 creates a fully automated path, from execution of the trade through settlement, while retaining flexibility and interoperability to integrate with any trade order management, portfolio accounting or settlement system.