Obituaries
Vanderbilt Professor Hans Stoll, a past FIA board member, died on March 20, aged 80. A pioneer in the world of academic finance, Stoll was the first to define and test the put-call parity relationship for option prices and to identify the "triple witching hour," a quarterly expiration of several kinds of derivatives contracts, resulting in greater trading volume and market volatility. He also undertook seminal work around understanding the components and sources of the bid-ask spread. Stoll served as president of the Western Finance Association from 1992 to 1993, was president of the American Finance Association from 1999 to 2000, and served on various government and industry advisory panels, including the Quality of Markets Committee of the National Association of Securities Dealers that was formed to study the 1987 stock market crash. He also was a member of the Economic Advisory Board for the NASD, a public governor of the Pacific Stock Exchange, and a board member of FIA, the Options Clearing Corporation and Interactive Brokers Group.
Carole Brookins, a former commodity brokerage executive and a former executive director to The World Bank, died on March 23, aged 76. Brookins began her career in finance as a trainee underwriter of municipal bonds in Chicago at A.G. Becker & Company. She entered the commodity futures industry as a market reporter at the Chicago Board of Trade, then joined E.F. Hutton, at that time the second largest stock brokerage firm in the U.S. In the 1970s, she rose to become E.F. Hutton’s vice president of the commodity department. In 1980, Brookins created World Perspectives, a Washington, D.C.-based agricultural market analysis and consulting firm. From 2001 to 2005, she served as The World Bank Group executive director representing the U.S. She also served on the U.S. President’s Export Council and State Department Advisory Committee on International Economic Policy. Brookins was a member of many corporate and nonprofit boards, including the American Financial Exchange and the Chicago Climate Exchange
Stanley Sporkin, a former chief enforcement officer of the U.S. Securities and Exchange Commission, died March 23, aged 88. During the seven years he spent at the SEC during the 1970s, he helped transform the agency's reputation by leading numerous cases against U.S. corporations for bribing officials in foreign countries and for making illegal campaign contributions in the U.S. He later became a federal judge in Washington and was known for sharply worded opinions in several high-profile cases. Sporkin was an influential figure at the SEC and several of the lawyers who worked under him joined the CFTC when it was established in 1975.
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Citadel Securities hired Joe Corcoran, a former global head of markets at Barclays, as head of markets, a newly created role based in New York. He oversees sales and trading for equities and fixed income, currencies and commodities and reports to Peng Zhao, CEO of Citadel Securities. Corcoran has more than 28 years of experience in trading and markets at Barclays and Lehman Brothers. At Lehman Brothers, he was the Americas head of equity and equity derivatives trading. At Barclays he held various senior positions including global head of markets and global head of the equities and credit divisions.
Heike Eckert will join the executive board of Deutsche Börse on July 1, with responsibility for the board's newly formed human resources and compliance division. Eckert, who is currently deputy chief executive officer of Eurex Clearing and a member of its executive board, also succeeds Hauke Stars as director of labor relations. Eckert has been with Deutsche Börse Group since 1995 and has held several leadership and project management positions at both Deutsche Börse and Eurex, including head of clearing business development at Eurex Clearing from 2010 to 2013 and head of the Eurex Chicago office from 2007 to 2009. Stars was also responsible for the cash market, which will be integrated into the trading and clearing division headed by Thomas Book from July 1.
LCH named Yutaka Imanishi as head of Japan, reporting to Kate Birchall, head of Asia Pacific. LCH said the appointment is intended to support its growth in Japan, including clearing services for interest rate swaps and non-deliverable foreign exchange forwards. Imanishi previously was the head of Asia-Pacific for TriOptima, a provider of compression and portfolio reconciliation services for over-the-counter derivatives. Prior to joining TriOptima, he worked at Nomura and other banking groups across Australia, Japan and Singapore.
Singapore Exchange appointed Ng Yao Loong as deputy chief financial officer, a role he will hold until October when he will succeed Chng Lay Chew as CFO. Ng previously worked at the Monetary Authority of Singapore where he spent more than seven years in senior positions, including assistant managing director of the development and international group and executive director of the markets policy and infrastructure department and financial markets strategy department. He also previously held roles at Morgan Stanley in Singapore and Citigroup in Hong Kong and London. Chng is retiring after more than three decades in accounting and financial management, including almost nine years at SGX and almost 10 years at DBS Bank.
Goldman Sachs appointed Kathryn Ruemmler as global head of regulatory affairs. She will oversee the management of the firm’s regulatory infrastructure, including its interactions with banking regulators, securities regulators and supervisory authorities globally, as well as the firm’s compliance policies and procedures. She will also serve as the co-chair of the firm's regulatory reform steering group and a member of the management committee. She joined the firm from Latham & Watkins, where she was global chair of the white collar defense and investigations practice and a partner in the litigation and trial department. Before that she served for almost six years in the Obama administration, first in the Department of Justice and later in the White House as counsel to President Barack Obama.
Goldman Sachs also announced the promotion of Michael Richman to chief compliance officer, reporting to Ruemmler. He has been with the firm for nearly three decades and most recently was deputy head of global compliance, helping set the strategy and manage the day-to-day operations of global compliance.
The U.S. Securities and Exchange Commission named Kathleen Hutchinson as deputy director in the agency's Office of International Affairs, which advises the agency on international regulatory policy as well as cross-border enforcement and supervisory matters, provides technical assistance to foreign counterparts, and coordinates the SEC’s engagement with authorities outside the U.S. As deputy director, she will oversee many of OIA’s strategic initiatives as well as advise on policy, enforcement and supervisory cooperation, and technical assistance matters. Hutchinson joined the SEC in 2003, serving most recently as an assistant director in OIA’s regulatory policy group. She reports to Raquel Fox, director of the SEC's Office of International Affairs.
OCC, the derivatives clearinghouse based in Chicago, appointed two new members to its board of directors. Kevin Kennedy, Nasdaq's senior vice president and head of product management for North American market services, succeeded Tom Wittman, executive vice president, head of global trading and market services for Nasdaq, who resigned from the board at the end of December. Thomas Barrett, who leads Goldman Sachs' global futures and derivatives clearing services and the global clearing business in prime services, also joined the board. He replaced Mark Dehnert, managing director of Goldman Sachs, who resigned from the board at the end of last year.
Euronext appointed Georges Lauchard, a banking industry executive with extensive experience in organizational management, as chief operating officer and member of the company's managing board. He will oversee operational strategy, policies, and execution for the Paris-based market infrastructure operator, which has made several acquisitions in recent years to expand its businesses in Europe. Lauchard joined Euronext from J.P. Morgan, where he worked for more than 20 years in senior roles, including head of global front office markets supervision and chief operating officer of global currencies and emerging markets trading.
Adam Honoré left CME Group, where he was executive director and head of product management for data services, to join Amazon Web Services as a financial services business development manager. Prior to joining CME, Honoré was an independent technology consultant focused on the financial markets industry. Before that, he was a managing director at Nasdaq OMX, where he worked on the exchange’s cloud project for financial services, and research director for capital markets at Aite Group, the consulting firm.
Macquarie Group hired David Rowe as head of futures execution for Europe, Middle East and Africa, based in London. He joined the Australian bank from BNP Paribas, where he was head of e-sales for listed derivatives in EMEA. Before that, he was the head of electronic trading services at the U.K. subsidiary of R.J. O’Brien and Associates, one of the top non-bank futures brokerages in the U.S.
Sucden Financial has appointed Thomas Hodge to build and run a new average pricing function within its LME business. Hodge is responsible for extending Sucden Financial’s existing ability to facilitate LME hedging requests, providing a dedicated averaging service to allow an exact match between client risk and the LME’s daily date structure. In addition, he is developing quantitative analytics and models for use within the firm’s LME trading business. Prior to joining Sucden Financial, Hodge was co-chief investment officer at Commodities World Capital, where he managed the LME base metals portfolio. He started his career at Credit Suisse and worked in various positions in the commodities space.
Eventus Systems, a trade surveillance and market risk software platform provider based in Austin, Texas, hired Roger Chandler as senior sales engineer, Europe. He reports to Scott Schroeder, global head of sales, and he is based in London. Chandler joined the four-year-old fintech from Bloomberg where he was technology sales manager. Before that he spent nearly 11 years at Fidessa in various roles, most recently as global account director. He began his career at Trading Technologies in London as head of EU support and director of EU technical services.
David White joined CloudMargin, a cloud-based collateral and margin management services provider, in the newly created role of chief commercial officer. Based in London, he reports to CloudMargin CEO Stuart Connolly. White previously was the head of sales for the triResolve business line of TriOptima, now a unit of CME Group, and before that he was product marketing executive at TriOptima. He also worked as a consultant and manager at the Derivatives Consulting Group, later known as Sapient Global Markets, specializing in OTC derivatives projects on behalf of investment bank clients.
Cassini Systems, a provider of pre- and post-trade margin analytics for derivatives market participants, has expanded its physical presence in the Asia Pacific region with the opening of a new office in Sydney and has appointed Greg Ballesty as product specialist, APAC to lead the firm’s product efforts in the region. Ballesty was previously senior risk manager at SmartStream Technologies in Singapore and Australia, sales director at Lombard Risk in Singapore and a contractor for Thomson Reuters in Sydney. He started his career with more than 20 years at Commonwealth Bank of Australia, ultimately as chief dealer.
