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NEW YORK and LONDON, Oct. 21, 2016 -- LMRKTS is honored to announce that Former Secretary of the Treasury, Lawrence H. Summers, has joined the company’s Advisory Board. Dr. Summers brings academic and policy expertise to the firm that, until now, has been more heavily weighted towards quantitative programming, technology and capital markets. As one of President Obama’s chief economic advisors during the financial crisis, Dr. Summers helped shape the U.S. response. Dr. Summers currently is the Charles W. Eliot University Professor and President Emeritus at Harvard University.
LMRKTS is a FinTech firm with a fresh approach to portfolio compression, focusing on lowering counterparty and systemic risk, rather than traditional portfolio compression that is aimed at reducing accounting costs associated with leverage charges and gross notional. The firm was founded to help institutions eliminate excess derivatives exposures that can cause financial contagion.
CEO and founder of LMRKTS, Lucio Biase, said, “We are thrilled to welcome Dr. Summers to our Advisory Board. Dr. Summers’ vast experience will be invaluable as LMRKTS continues to develop offerings that are in line with capital market needs, regulatory goals and tax payer safety. His expertise will help us to further provide a market friendly means to the regulatory mandate of lowering systemic risk.”
Dr. Summers commented, “LMRKTS has developed an offering that will help reduce the ‘interconnectedness’ of banks and clearing houses by netting and diversifying counterparty credit risk for cleared and bilateral exposures.”
About Lawrence H. Summers
Former Treasury Secretary Lawrence H. Summers is one of America’s leading economists. In addition to serving as 71st Secretary of the Treasury in the Clinton Administration, Dr. Summers served as Director of the White House National Economic Council in the Obama Administration, as President of Harvard University, and as the Chief Economist of the World Bank.
http://larrysummers.com/
http://larrysummers.com/press-contacts/biography/
About LMRKTS LLC
LMRKTS offers a more modern version of portfolio compression – a means for Sellside, Buyside, CCPs and end-users to optimize their counterparty risk in any market or payment system without changing their market risk. Whether through the addition of new positions or the terminations of existing exposures, LMRKTS takes participants’ total gross counterparty credit risk down to a level nearer their net market risk, often shifting exposures to more creditworthy parties.
Contact: LMRKTS LLC Tel | +1.212.918.4649 [email protected]
