RSRCHXchange, the MiFID II compliant marketplace for institutional research, today announced that industry veterans Adam Toms, former CEO of agency broker Instinet Europe, Don Guiney, senior capital markets partner at Freshfields, and Michael McFadgen, Managing Director at Euclid Opportunities, NEX’s fintech investment division, have joined the RSRCHXchange board.
In addition, Alan MacDonald, former Head of International Equity Research at Nomura and Head of Global Research at UBS, has joined RSRCHXchange. Alan brings 30 years of industry experience and will be instrumental in shaping sell-side relationships for RSRCHXchange over the coming years.
The appointments follow only a week after RSRCHXchange secured its series A funding from Euclid Opportunities, NEX’s financial technology investment business.
RSRCHXchange launched its MIFID II compliant workflow solution and marketplace for institutional research in 2015, in anticipation of the MiFID II unbundling rules coming into force in January 2018, and is used by more than 1,000 asset management firms and around 190 bank, broker & boutique research providers. The RSRCHX platform enables asset managers to consume, purchase and monitor research in one purpose-built solution, while tracking firm-wide consumption, improving the procurement process and ultimately ensuring MiFID II compliance. Research providers can take greater control over distribution with the RSRCHX platform, benefitting from access to a growing community of global buy-side firms and taking advantage of the marketplace to monetise the value of their research, all in a MiFID II compliant way.
Vicky Sanders, Co-Founder, RSRCHXchange said: “We are very excited to welcome some of the industry’s leading experts to our board. Adam Toms, Don Guiney and Michael McFadgen will bring invaluable insights, expertise and advice to our strategic development. We are delighted that Alan MacDonald has also joined the business. Their senior leadership in the fields of commission unbundling, capital markets, technology and research, in addition to Euclid’s recent investment, will ensure that we continue to invest back into the market we serve, into developing the RSRCHX platform for the benefit of both asset managers and research providers.”
Jeremy Davies, Co-Founder, RSRCHXchange, added: “In conjunction, the experience of industry heavyweights in equity research and unbundling, and the financial backing by an investor with a strong track record in supporting early stage businesses that transform capital markets, set RSRCHXchange on an accelerated growth trajectory as the industry approaches the MiFID II deadline.”
RSRCHXchange is the MiFID II compliant marketplace for institutional research, a purpose-built unbundling solution.
Designed in consultation with asset management institutions and research providers, the RSRCHX platform enables asset management firms to consume, purchase and monitor research services from banks, brokers & boutique providers in a more efficient, discerning and transparent way.
The RSRCHX dashboard allows asset managers to track firm-wide research consumption across all research counterparties, to rate and evaluate the content they receive, to verify external interactions, and to improve the procurement process, while ensuring MiFID II compliance.
At the same time, the RSRCHX platform enables research providers to take greater control over distribution and monetise the value of their research, while evidencing full compliance with MiFID II unbundling requirements and benefitting from access to a growing community of global buy-side firms.
RSRCHXchange was founded launched in 2014 by an experienced industry team and has grown its user base to over 1,000 buyside firms and 190 research providers.
The RSRCHXchange board includes Adam Toms, former Instinet Europe CEO Adam Toms, and Don Guiney, former senior partner at Freshfields, and Michael MacFadgen, NEX director.
Adam Toms was most recently Chief Executive Officer of Instinet Europe. Under his leadership, the firm ranked #1 for customer volume on the London Stock Exchange and #3 for Pan-European equity customer volume.
During his 21 years in financial markets, he has led numerous high profile and large scale integration projects including the Nomura/Instinet European migration of 2013 that looked to capitalise on a number of predicted secular trends including increased transparency, electronification of capital markets and unbundling of execution and research services – all of which are now prominent features of European capital markets.
Throughout his career, Adam has built a reputation for delivering dynamic strategic change, particularly in response to changing regulatory drivers. His achievements include a number of “first to market” launches:
- The first European Broker to offer an “RPA” (Research Payment Account) CSA structure with UK regulatory payment services authorisation
- Successful launch of NX MTF – the first Investment Bank dark MTF
- Successful launch of the first European Exchange Traded Fund under the iShares brand
Prior to becoming CEO of Instinet Europe, he was Co-Global Head of Electronic Trading at Nomura having joined as part of the company’s acquisition of Lehman Brothers, where he headed the Market Access Group. Prior to this, Toms was a trader on the central dealing desk at Barclays Global Investors.
Today he is a Non-Executive Director and Board Advisor to a number of companies across the financial services and regulatory technology sector with a keen interest in corporate governance and regulatory change.
Don Guiney is a well-known and experienced lawyer specialising in international capital markets. In his sixteen year tenure as a partner at Freshfields, he developed extensive expertise in practicing US securities law in the international context in London. He has in depth knowledge of the business and regulatory environment of investment banks and financial institutions.
Earlier in his career, as the managing partner of the London office of a major US law firm, he advised on numerous technology IPOs and venture capital transactions in the US and Europe. In 2013, after retiring from Freshfields, Don joined Baker & McKenzie in London as Senior Counsel, where he continued his capital markets advisory work and also advised the firm's management on a range of strategic and business issues.
Don retired from full time legal practice in 2016. Don is also actively involved in his alma mater, Harvard College, where he is on the board of the Harvard Alumni Association and is the immediate past President of the Harvard Club of the UK. He serves on the boards of Anjali House, an educational shelter for street children in Cambodia and Writing Through, an innovative educational charity which uses creative writing as a tool to assist at-risk children in South East Asia.
Michael is a Managing Director at Euclid Opportunities, NEX’s fintech investment division. He sits on the board of a number of Euclid portfolio companies including Acadiasoft, an award winning margin automation and risk management platform; and Openfin, the market-leading provider of secure HTML 5 runtime technology to financial institutions. Michael was previously at Barclays Investment Bank in the Strategic Investments division. He holds an MSc in Finance from London Business School and is a CFA charterholder.
Alan joins RSRCHXchange from Nomura, where he was Head of International Equity Research and in charge of implementing a 'narrow but deep' strategy, rationalising sector coverage to focus on genuine centres of excellence. He engaged with regulators, policymakers and AFME (Association for Financial Markets in Europe) to help recalibrate MIFID II and FCA proposals concerning research payment, while maintaining an extensive programme of client meetings with institutional investors and hedge funds, aimed at jointly navigating the consequent evolution of buy and sell side research.
Previously, Alan was Head of Global Research at UBS, from 2001-05. Having originally joined one of its legacy firms, SG Warburg in 1989, Alan was a top-ranked oil and gas analyst before his move into research management, which was subsequently followed by a seven year career break from the City, time spent raising children, studying and working with social enterprises.