Over-the-counter (OTC) start-up, the Money Market and Debt Exchange (MMADX), has announced the appointment of former ABN AMRO executive, Mark McCarthy, as head of sales.

MMADX is a start-up establishing a secure electronic communication network between banks and institutional asset managers, enabling trade in money-market securities, repurchase agreements and interest-rate derivatives in real time through trade-matching software.

The MMADX service aims to be an exchange and brokerage – or hybrid service – to help interest-rate securities move onto an electronic platform.

Quarter-century accreditation

McCarthy joins MMADX after more than 25 years in trading and managing risk in precious-metal swaps, foreign-exchange forwards, short-term interest-rate markets and credit trading. His last role was at ABN AMRO, where he was director, head of credit trading.

“The OTC market in Australia, and indeed Asia generally, has remained unchanged for decades,” said McCarthy.

“Regulation is driving change and firms are looking hard at how they will need to evolve over the next few months and years.”

McCarthy’s new role will include recruiting MMADX’s brokerage team and leading the implementation of the new platform with users.