Mr. Donovan's primary focus will be to direct global securities processing capabilities to support Instinet's strategy of offering a complete range of trading, execution and clearance services to the industry. In this capacity, he will manage efforts to move toward a straight through processing (STP) environment; build out the Instinet clearing infrastructure domestically and overseas; and pursue third party, correspondent clearing relationships. Instinet Clearing Services recently signed an agreement to provide clearance services to Broadway Trading, LLC, a leading provider of brokerage services to the active trader market.
Doug Atkin, President and CEO of Instinet Corporation, said, "I am pleased to announce the addition of an individual of Bob's stature and ability to Instinet's senior management team. This appointment broadens our management bench across key Instinet business lines while diversifying our leadership in order to manage industry challenges. We are confident that under Bob's direction our global clearing and settlement business will grow to new heights."
"I am pleased to have the opportunity to join the Instinet team, and contribute to the firm's expansion into new markets and services," said Bob Donovan. "Instinet has been a leader in bringing technology and innovation to the markets, and I am happy to have the chance to be part of their continued growth."
Prior to joining Instinet, Mr. Donovan served as Executive Vice President and Director of Operations for Legg Mason in Baltimore, MD. During his tenure at Legg Mason, he also served on the firm's Management Committee.
Prior to joining Legg Mason, Mr. Donovan spent 21 years at Goldman Sachs, where he was in charge of Domestic and Far East Clearance & Settlement.
A native of New York City, New York, Mr. Donovan has been an affiliate of the Securities Industry Association Operations Committee, MBSCC Board of Directors, the Roundtable Group for Option Clearing Corporation and the New York Stock Exchange Arbitration Committee.
Instinet's Clearing and Settlement operations, which were based in the World Trade Center, are now located in midtown Manhattan. Instinet cleared trades the day following the attacks from the Company's disaster recovery site in New Jersey and from other locations in Manhattan. ICS was fully operational throughout the rest of that week.
