ETF Securities has appointed Mark Weeks to run its new ETF trading platform, “ETF Exchange”.

ETF Exchange is a trading platform designed to ensure the participation of multiple consortium members and swap counterparties in the issue and management of exchange-traded funds. It is similar in conception to the Source ETF venture, which was recently launched on the European market and which is backed by three US banks. IndexUniverse.eu covered the growth in ETF platforms here, and wrote about ETF Securities’ new venture here.

Information about ETF Exchange’s participants and product range is not yet available, said a spokesman for ETF Securities.  The specific roles played by consortium members may vary, according to ETF Securities, and may involve marketing, operation, and the distribution of funds, as well as acting as the swap counterparty.

Mark Weeks joins ETF Exchange from UBS, where he worked for seven years and ran the securities lending operation in Zurich. Previously, Weeks worked in securities finance and prime brokerage at Goldman Sachs.

Graham Tuckwell, chairman of ETF Securities, said:

“We are delighted to announce the appointment of someone of Mark’s calibre and experience. He brings a wealth of experience to the business and brings an important new dimension to our team with his expertise in the field of securities finance. This appointment reflects our dedication to forge ahead with the building of the ETF exchange, with a view to becoming the most recognized ETC and ETF player in the marketplace. We fully expect Mark to achieve great things with the ETF Exchange, which we expect will set the standard in Europe”.