Traiana drama culminates in CEO’s exit

Solinger re-instated as CMO and head of product strategy

Andrew Coyne, the chief executive of swaps market middleware provider Traiana, has left the company and its chief marketing officer, Nick Solinger - who was reported to have left the firm two weeks ago - has been reinstated.

The moves are the latest twist in a turbulent fortnight for the post-trade processing firm.

Solinger quietly parted ways with the firm on January 28 - and although Traiana did not officially acknowledge his departure, it was widely reported in the financial press.

Sources with knowledge of the matter told Risk that Solinger and Coyne's relationship, which had deteriorated to the point where they could no longer work together, reached a breaking point in January - culminating in Solinger's departure.

However, senior management at Traiana's parent company, Icap, were keen to retain Solinger's services - recognising the pivotal role he played in designing and launching Traiana's CreditLink pre-trade credit checking hub for central clearing - according to several sources.

Solinger and Coyne's relationship, which had deteriorated to the point where they could no longer work together, reached a breaking point in January

Solinger remained on Traiana's payroll despite his reported departure, Risk has learned, and Icap management spent the past two weeks trying to find a suitable role for him elsewhere in its swaps execution business. They ultimately settled on the role he previously occupied as Traiana's head of product strategy and chief marketing officer.

Given their history, Coyne stood down to facilitate Solinger's return.

Coyne joined Traiana in 2012 from Citigroup, where he spent six years as managing director of foreign exchange (FX) prime brokerage and e-commerce product. Prior to that, he ran FX prime brokerage at Deutsche Bank for six years.

Solinger worked at Traiana from 2002 to 2004 and rejoined the company as chief marketing officer in 2009. From 2005 to 2008, he was chief marketing officer of XOJet, a private jet charter company.

Ken Pigaga, group chief operating officer of Icap, has been appointed interim chief executive of Traiana. The search for a permanent replacement is already underway.

Icap declined to comment.