Caplin Systems, which develops real-time web technology for the securities and banking sectors, has appointed John Lee, former senior vice president of solutions sales at Reuters, as executive vice president of US sales.

Caplin offers a cheaper alternative to Reuters Trader Workstation users and Lee will be responsible for selling systems to investment banks and brokers reluctant to absorb the cost of moving to Reuters' Kobra technology, which they are being required to do to use Reuters products in the future.