eSecLending has hired securities lending veteran Bill Locke as head of market and credit risk management, a newly-created position.

Locke joins from the Federal Reserve Bank of Boston where he was a financial services market specialist for two years.

At eSecLending he will be in charge of identifying, quantifying and managing market and credit risk in eSecLending’s securities financing and cash management programmes.

“We are excited to have Bill on board. His experience in the securities financing industry and knowledge of capital markets, balance sheet and collateral management will be instrumental to eSecLending as we continue to develop new products and further strengthen our ability to provide customised programs to fit clients’ individual risk tolerances," said Peter Economou, chief risk officer and head of corporate strategy.

He added: "Bill’s  in-depth knowledge of impending regulation will also help us to better execute trade structures, investment opportunities, new markets and products that will increase profitability for our clients.”

Locke’s expertise in market and credit risk will be an asset to the firm as securities lending agents face future regulatory hurdles such as higher capital requirements.

Locke previously worked in senior positions at Brown Brothers Harriman and State Street Bank and Trust Company. He was one of the ten founding partners of Premier Global Securities Lending – an independent business that was set up in 2010 but failed to launch successfully. eSecLending’s CEO Craig Starble was also a founding partner, and CEO of PGSL.