– USA, PA – DelphX Capital Markets Inc. (DELX.V) announced today that it has appointed Steven Mannik as an independent member of its Board of Directors, subject to approval by the TSX Venture Exchange. Mr. Mannik will serve as a non-officer director and member of the company’s Independent Audit Committee.
Mr. Mannik is a Fellow of the Society of Actuaries and the Canadian Institute of Actuaries, and served for many years as President and CEO of General Re Life Corporation, an affiliate of Berkshire Hathaway, where he was a key member of the group’s Decision Analytics (Big Data / Predictive Modelling) initiative. Prior to joining Gen Re, Mr. Mannik served as Executive Vice President and General Manager of Manulife Reinsurance with responsibility for all aspects of Manulife’s reinsurance business worldwide.
“I am delighted to welcome Steve to our Board,” said Larry Fondren, DelphX’s Founder and CEO. “His extensive leadership experience in global risk management and modelling will be of immeasurable value to DelphX and holders of our risk-diffusing Quantem Securities.”
DelphX is a technology company focused on optimizing fixed income markets around the world by transforming the way credit capital is secured. It is developing a blockchain-powered solution employing proprietary distributed ledger technology and actuarial science to facilitate broad diffusion of credit default risks. The new DelphX alternative trading system (“ATS”) facility will be regulated by the SEC and operated by DelphX Services Corporation, a FINRA member firm, to facilitate the negotiation, purchase and trading of two new forms of Smart Securities:
- Covered Put Options (CPOs) that provide secured default protection for underlying corporate, municipal and sovereign securities, with each CPO strike-price equaling the par value of its underlying security; and
- Covered Reference Notes (CRNs) that allow investors to take on exposure to the default risk of a single underlying security or to optionally participate in a pool of diversified risks that broadly diffuses the impact of each credit event among all participants.
For more information about DelphX, please visit www.delphx.com
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