Loss-making market data technology vendor CMS WebView has recruited former head of LCH.Clearnet David Hardy as an advisor to the company.
Hardy quit LCH.Clearnet last July - after working at the clearing house for 19 years - amid criticism over the performance of the company. His departure followed a bungled IT integration project that forced the clearer to write off EUR47.8 million in capitalised technology costs.
Earlier this month Hardy joined Man Group as head of strategic market development at its brokerage unit. He also currently serves on the board of the Institute for Financial Markets in the US and has previously held board positions at the International Petroleum Exchange, the Futures and Options Association and the London Commodity Exchange.
CMS says as an advisor Hardy will provide strategic advice and practical support using his business contacts in the banking technology arena.
The appointment is the latest move by CMS to increase sales of its proprietary TDI software. After sales of the product dried up in 2005 and the first half of 2006, the vendor said last September that it was implementing a new sales model that would see it sell the intellectual property (IP) for the TDI system to clients.
Commenting on the appointment, Bob Antell, CEO of CMS, says: "David brings a vast range of valuable experience and contacts that are very relevant in our drive to increase the market penetration of TDI."