This week, THETA Trading announced that Peter Meddemmen will be appointed the new Chief Technology Officer. Meddemmen’s previous role was as a trading solutions executive at Bloomberg.
THETA Trading is a user subscription-based service and specialist provider of buy-side trading technology as a service with a lean delivery business model that will be launching in 2020.
Over the past 9 months, THETA’s next-generation cloud-native multi-asset trading technology blueprints and prototype have been validated by industry experts and leading asset managers, equivalent to $5 trillion AUM.
Meddemmen will be responsible for managing all technology delivery for products, including for its order and execution management system (OEMs), Apollo, which is reported to go live in the summer of 2020.
Meddemmen has more than 30 years of experience managing technology for multi-asset services across the entire execution lifecycle. His previous roles include chief technology officer at City Index and GL Trade as well as a VP for technology at Thomson Reuters.
Abdullah Hiyatt, THETA Founder and CEO, commented: “Peter has a wealth of domain and technology expertise to drive our engineering capability as we prepare for our platform launch and execute our innovation strategy. He complements our growing team of senior industry experts that includes Co-founder and Head of Product, Paul Wallace, former Head of Fixed Income Dealing at Aviva Investors.”
Peter Meddemmen commented: “I am delighted to be joining THETA and to be part of a fantastic team. The post regulatory financial market and the implied costs have seen institutions forced to change their business model, a model which THETA fits perfectly. I am hugely excited to be part of this ‘wind of change’.
This is part of THETA’s plan to scale up the service quickly to support the onboarding of a high number of asset managers. The beta version of THETA’s trading platform is already being used by ten buy-side firms with that number expected to increase over the course of 2020 and the launch of their service.
