Solidatus is delighted to welcome Gary Chitan, Business Development Director,  to the team. He joins with over 20 years’ experience working with global clients in senior consulting and sales roles in Process and Data Management.

London, UK – 18 AUGUST 2020 – Solidatus, the leading provider of innovative metadata management software, today announced a strategic investment from Citi, the leading global bank. Citi is also implementing the Solidatus platform internally, at a global enterprise level.

There has been a lot of scandal-driven regulatory change in the last 10 years, this is no less true for the reforms to Interbank Offer Rate (IBOR). Benchmark rigging in the US$350 trillion interest rate markets was the catalyst for a move away from the British Banking Association’s London Interbank Offered Rate (LIBOR) calculation to alternative Risk-Free Rates (RFRs). 

In light of the Covid-19 pandemic, regulators have, unsurprisingly, followed the lead of their central bank cousins. One consequence is that transformational regulation, like MAS 610 and 1003, has been delayed. This wise course of action affords banks the chance to ensure they have every opportunity to comply and avoid the consequences of not doing so. 

After working for the leasing division of Barclays for 11 years, it was very strange to move from an established process of working, to join the ‘dark side’; a start-up software company selling trading software back to Banks. It was an exciting time, as financial services organisations were going through dramatic change and adopting new technology and practises.