Finbarr Hutcheson is stepping down from his role as president of ICE Clear Europe at the end of March 2020. He took over as president in October 2017 when he moved across from ICE Benchmark Administration where he had also been president. He joined ICE in 2013 when the exchange acquired NYSE Liffe, the derivatives business of NYSE Euronext. At NYSE Liffe he was chief executive, responsible for the group’s European fixed income, currencies and commodities businesses. Prior to joining NYSE Euronext, Hutcheson spent 15 years at Goldman Sachs in a variety of roles in derivatives, most recently as global head of futures services business development within the securities division. A spokesperson for ICE says the company has started the search for his successor.
Kelly Loeffler, chief executive officer of cryptocurrency platform Bakkt, has been appointed to replace Senator Johnny Isakson (R-Ga.), who is retiring at the end of this month. Brian Kemp, the governor of Georgia, announced the appointment on Dec. 4. To retain the seat, she will have to run in a special election next year to serve out the remainder of Isakson's term, which ends in 2022. Loeffler worked at Atlanta-based Intercontinental Exchange for more than 15 years and founded Bakkt in 2018 to capitalize on institutional interest in cryptocurrencies. The company operates independently of ICE and has financial backing from several other companies, notably including Starbucks, but uses ICE infrastructure to provide trading and clearing services for its bitcoin futures.
The European Securities and Markets Authority has created a "CCP Supervisory Committee" to oversee the supervision of clearinghouses, including non-EU clearinghouses that are deemed systemically important. The creation of this committee came out of the review of the European Markets Infrastructure Regulation that led to EMIR 2.2, which among other things grants ESMA direct supervisory responsibilities over non-EU clearinghouses. The committee is composed of a chair, two independent members, and representatives from central banks and national competent authorities. In November ESMA began the process of forming the membership of the committee, publishing vacancy notices for the positions of chair and two independent members. The deadline for applications is Jan. 6, 2020.
In the interim, ESMA has appointed Robert Ophèle, chair of the Autorité des Marchés Financiers, France's primary markets regulator, as the committee's acting chair. The appointment is effective from Jan. 1, 2020. The chair's main duties, according to ESMA, are to lead ESMA's activities in relation to the recognition and supervision of third-country clearinghouses and the promotion of "supervisory convergence" among national competent authorities in relation to EU clearinghouses.
The Bank for International Settlements has appointed Federal Reserve Chairman Jerome Powell as chair of the Global Economy Meeting and the Economic Consultative Committee, effective from Feb. 1, 2020 for a three year-term. Powell succeeds Mark Carney, governor of the Bank of England, who has chaired the two groups since December 2017. Carney is due to step down from the central bank at the end of January. In addition, Jon Cunliffe, deputy governor for financial stability at the Bank of England, was appointed chair of the Committee on Payments and Market Infrastructures, the global standard setter for payment, clearing and settlement services. His three-year term starts on Jan. 1, 2020. He succeeds Benoît Cœuré, a member of the executive board of the European Central Bank, who will head a new BIS Innovation Hub set up to foster international collaboration among central banks on innovative financial technology. Cœuré will start his new role on Jan. 15 for a five-year term.
Mark Hemsley, the head of Cboe’s European business, will step down in February 2020. A founding employee of Bats Europe in 2008, Hemsley led Bats Global Markets' acquisition and integration of Chi-X Europe to create one of the largest stock exchanges in Europe. Bats was then acquired by Cboe Global Markets in 2017, when Hemsley assumed his current roles. Prior to joining Bats, he was managing director and chief information officer at LIFFE, running its market solutions group. David Howson, chief operating officer of Cboe Europe, will succeed Hemsley on Jan. 1. Howson joined Cboe in 2017 as part of the Bats acquisition. Before joining Bats as COO in 2013, Howson served as a founding employee and chief technology officer of Equiduct, where he helped establish the firm as a pan-European regulated market in 2006. His current responsibilities as COO will be assumed by Tim Lipscomb who joined Cboe Europe as deputy chief operating officer in October 2019. Lipscomb previously worked at Bank of America Merrill Lynch for 20 years, most recently as managing director, EMEA equities and electronic trading technology.
Options Clearing Corp, the main U.S. clearinghouse for options on stocks, has appointed Maria Chiodi to its board of directors as a member director serving on the governance and nominating committee. Chiodi is a managing director in the general counsel department at Credit Suisse Securities (USA) and co-heads the firm's global markets legal initiatives and regulatory reform group. She is also an active member of the FIA Law & Compliance Division executive committee, serving as its president from 2010-14, and is a member of the board of directors of the National Futures Association.
Andreas Mitschke has been appointed head of trading surveillance for derivatives trading on Eurex and stock trading on the Frankfurt Stock Exchange. Mitschke, who has been working for the trading surveillance office since 2000, played a key role in merging the trading supervision of Xetra and Eurex due to their similar market models and subsequently became head of the trading surveillance electronic markets team. He replaced Michael Zollweg, who is stepping down after 20 years in this position.
Trading technology provider CQG has appointed Benjamin Soong as president, Asia Pacific and Rick Chang as head of Greater China. Both are based in Shanghai. Rod Giffen, who served most recently as CQG's president of APAC, has assumed the new role of chief experience officer. Soong most recently served as head of APAC for blockchain company Ledger. Before that he was head of APAC sales and relationship management at S&P Global Market Intelligence. Chang also joined CQG from Ledger, where he served as head of commercial and operations in APAC. Before that he worked at S&P Global Market Intelligence in Hong Kong and China, most recently as senior director, head of sales, China.
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