Michael McClain Joins Interactive Brokers to Oversee Client Operations

Brokerage firm Interactive Brokers Group (Nasdaq: IBKR) has hired Michael McClain as its new director of client operations in North America, replacing soon-to-be-retired Andy Naughton.

Based in the Chicago office, McClain will oversee end-to-end strategy for scaling our client services, thus supporting the broker's expansion plans, according to the official announcement earlier this week. He will report directly to Interactive Brokers’ CEO, Milan Galik.

A Veteran In the Industry

McClain is bringing almost three decades of financial industry experience to his new role.

He joined the brokerage firm from the Depository Trust & Clearing Corporation (DTCC), where he was the Managing Director and General Manager of the Equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term clearing business. There, in his four years of tenure, he specialized in the post-trade market infrastructure and was responsible for the day-to-day management of equity clearing.

Before that, he spent almost 16 years at Options Clearing Corporation (OCC) and claimed the corporate ladder to later part from the company as Chief Operating Officer.

McClain started his professional career in 1990 at IBM as a Manager before making a switch to Accenture, where handled projects for the financial services industry as a Senior Manager. Additionally, he spent a couple of years at Comdisco, working in the technology side of the financial markets.

“We are very fortunate to have someone as capable as Mike assume Andy’s vast range of responsibilities,” Galik said on the appointment. “Mike is eager to take on the challenge of enhancing our service during a period of explosive growth in a client base ranging from active and professional traders to the casual investors who understand the importance of high-quality trade Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term and low margin rates.”