Obituaries
Former Indiana Sen. Richard Lugar, a foreign policy icon and member of the FIA Futures Hall of Fame, has died at the age of 87.
Luger's Senate career spanned from 1977 to 2013. He helped advanced the cause of nuclear disarmament after the end of the cold war and the collapse of the former Soviet Union. In part because of this work, Luger was awarded the Presidential Medal of Freedom in 2013, the highest civilian honor in the U.S.
Lugar led the subcommittee of the Senate Agriculture Committee that oversaw the Commodity Futures Trading Commission shortly after its formation, and he was part of every CFTC reauthorization for over 30 years. He also chaired the Agriculture Committee during the passage of the Commodity Futures Modernization Act of 2000.
Always courteous, his professionalism and willingness to engage respectfully with everyone won him the admiration of policy experts, legislators and regulators across Washington and around the world.
"Senator Lugar was a model of decency and compassion for all of us who worked for him," said FIA President and CEO Walt Lukken. "I am deeply saddened by his loss but equally saddened that there are no longer people like Dick Lugar in the world. I hope I can live up to his values and pass them on to my children."
FIA regrets to report the sudden death of futures industry veteran Peter Heales in April. Heales, who spent many years as managing director of European operations at Bear Stearns International, was chair of FIA's London chapter and was instrumental in merging the chapter with FOA's clearing and operations committee ahead of the eventual merger of FOA with FIA.
Following the collapse of Bear Stearns during the financial crisis, Heales was responsible for migrating the firm's listed derivatives business to J.P. Morgan, and then joined ICAP as a consultant on the firm's listed derivatives business. Most recently, Heales was the managing director at FCM360, a financial systems infrastructure strategy and implementation company.
Longtime Washington staffer and former CFTC Commissioner Bart Chilton has died at the age of 58. Chilton served at the CFTC from 2007 to 2014 and chaired the agency's Energy and Environmental Markets Advisory Committee. Before that he worked as an aide to several Democratic lawmakers, including Sen. Tom Daschle (D-S.D.), as well as working in several roles at the U.S. Department of Agriculture. After leaving the CFTC, he joined the law firm of DLA Piper as a senior policy advisor. Most recently, he hosted the television show "Boom Bust" for RT America.
“With his trademark flair and enthusiasm, Bart was an unceasing advocate for America’s farmers and ranchers, acting as their voice in Washington," said CFTC Chairman Chris Giancarlo in a statement. "In the aftermath of the financial crisis, Bart used his signature style of humor to draw attention to pressing issues for the agency and the markets at large, with the intent of protecting retail investors."
"Bart was a colorful friend who lived life to the fullest with determination, humor and passion for everything he did in life. We extend our sincere condolences to his wife and family," said FIA President and CEO Walt Lukken in a statement.
People News
In April, the Senate Agriculture Committee voted to favorably report the nomination of U.S. Treasury official Heath Tarbert as the next chairman of the Commodity Futures Trading Commission. The next step for the nomination will be a vote on the Senate floor. In a separate but related development, Tarbert was designated acting under secretary for international affairs on April 16, replacing David Malpass, who was tapped by President Trump to serve as president of the World Bank. Prior to his designation, Tarbert had been serving as assistant secretary for international markets.
The White House announced in April that Allison Lee has been nominated to become a commissioner of the Securities and Exchange Commission for a five-year term expiring in 2022. If confirmed, Lee would replace Democratic Commissioner Kara Stein, who left the agency in January. Lee previously served in various roles at the SEC, including as senior counsel in the complex financial instruments unit and as counsel to Stein.
The Alternative Reference Rates Committee, the quasi-official body convened by the Federal Reserve Bank of New York to guide the transition away from Libor, has designated Tom Wipf, vice chairman of institutional securities at Morgan Stanley, as the ARRC’s chair. He has been Morgan Stanley’s representative on the ARRC since 2014 and has served as a co-chair of its market structure and paced transition plan working group since 2018. Wipf succeeds Sandra O’Connor, chief regulatory affairs officer at JPMorgan Chase, who recently retired from the bank.
The ECB has proposed to appoint Yves Mersch as vice chair of the European Central Bank's bank supervision arm. The appointment is pending the approval of the European Parliament’s ECON Committee. If approved, he will replace Sabine Lautenschlaeger, who has been vice chair since February 2014. Mersch has been the Governor of the Luxembourg Central Bank until 2012. Since then, he has served as an Executive Board member of the ECB.
Joachim Faber will step down as chairman of Deutsche Börse, following pressure from shareholders over his handling of an insider trading case against the exchange. Faber, who has headed the Frankfurt group’s supervisory board since 2012, will step down after the group’s annual meeting in May 2020.
The board of the European Energy Exchange has elected Thomas Book as its chairman at the exchange's annual meeting in April. Book has been a member of the executive board of Deutsche Börse since 2018 and chief executive officer of Eurex Exchange since March 2016. Book succeeds Jürgen Kroneberg, who passed away unexpectedly in February.
The OCC, the Chicago-based clearinghouse, announced that its board of directors has re-elected Craig Donohue as executive chairman. In addition, three directors representing members of the clearinghouse were elected to the board: Kurt Eckert, a partner at Wolverine Trading; Jonathan Werts, managing director and head of the Midwest at Bank of America Merrill Lynch; and William Yates, treasurer at TD Ameritrade. Two public directors were also elected: Susan Lester, OCC's former chief financial officer; and Robert Litterman, chairman of the risk committee at Kepos Capital.
On April 23, J.P. Morgan announced that more than 100 people had been promoted to managing director. A record 26% of those promoted were women. The list includes several people in the bank's derivatives trading and clearing businesses, including Emma Richardson, global clearing product development. Richardson joined the bank in 2006 and has been working in derivatives clearing since 2009. Eileen Herlihy, EMEA head of derivatives clearing sales, was also on the list. Herlihy has worked in the bank's clearing sales since 2011 and has been EMEA head since 2016. Both are based in the bank's London office. In addition, Joe Paccione, head of equity futures and options sales and execution in the Americas, Daryl Harding, APAC head of sales for listed and OTC cleared products, and two equity derivatives traders—Omar Bannani in London and Spyros Kallipolitis in New York—were promoted to the managing director level.
Roland Anderson has joined TP ICAP as chief technology officer, taking over for Martin Walters who plans to retire in June after 25 years of service. Anderson most recently was the global market data operations manager at NEX, but previously worked at ICAP Information Services for 10 years. TP ICAP also appointed Anuj Mital as its chief administrative officer of data and analytics. Mital joined ICAP in 2016 as head of finance operations EMEA, and has been global finance business partner since 2017.
Additionally, TP ICAP announced that Mike du Plessis has been appointed as senior managing director of its institutional services division. He will report to John Ruskin, CEO of institutional services, and plans to join the team in July. Du Plessis joins TP ICAP from UBS, where he spent eight years as a managing director in senior roles in London and New York. Prior to joining UBS in 2010, he worked almost 20 years in listed and cross rates sales, including roles at Cube Financial, Lehman Brothers and Deutsche Bank. Du Plessis also previously served as an FIA board member.
PhillipCapital, the Singapore-based broker, appointed futures industry veteran Jon Regan as the chief executive officer of its U.K. subsidiary, with responsibility for adding futures to its offerings in the region. Regan joined the firm after 11 years with Macquarie, most recently as an associate director for futures execution, clearing and direct market access sales. Earlier in his career he worked for Patsystems, a trading systems vendor, and the U.K. arm of Refco.
Moscow Exchange CEO Alexander Afanasiev stepped down in May after running the exchange for seven years. He will be replaced by Yury Denisov, pending approval from the Bank of Russia. Denisov has served on the exchange’s supervisory board for ten years and chairs the supervisory board of the National Clearing Centre.
Terry Arbit rejoined the CFTC as senior counsel to Commissioner Dawn Stump. He served at the agency from 1996 to 2013 in various roles, including acting general counsel from 2007 to 2009. He also served as counsel to CFTC Chairman Reuben Jeffery and CFTC Commissioner Mark Wetjen. After leaving the agency in 2013, he joined the law firm of Norton Rose Fulbright as a partner and then moved to the law firm of Winston & Strawn in 2018.
The law firm of K&L Gates has added Stephen Humenik as a partner. Humenik joined the firm from Covington & Burling, where he led the global futures and derivatives practice. He previously served at the CFTC as a special counsel and policy advisor to former CFTC Commissioner Scott O’Malia. He also was general counsel and chief regulatory officer of interest rate swap derivatives market Eris Exchange.
Michael Baker has been named the chief technology officer for MarketAxess. Baker was previously the head of enterprise cloud computing at Fidelity Investments. Prior to that, he was the managing director and head of high frequency trading, asset management infrastructure and engineering for Citadel Investment Group.
Anuradha Banerjee has been named executive director, legal and compliance at Morgan Stanley. Banerjee was previously a vice president of compliance at Goldman Sachs from 2015 to 2019. Prior to that, he was an attorney with the CFTC from 2009 to 2015.
R.J. O'Brien & Associates has announced the promotion of Kathleen Clapper to senior director and chief compliance officer, assuming the role following the retirement of Nancy Westwick. Clapper joined RJO in 2018 as director of compliance, and previously spent more than 12 years at CME Group in various roles supporting the exchange's self-regulatory organization functions.
The Australian Securities and Investments Commission reorganized its management structure in January, appointing two new executive directors and two new senior executive leaders in the areas of market oversight and enforcement.
Greg Yanco was promoted to executive director of markets, responsible for overseeing the market infrastructure, market supervision, corporations, financial reporting and audit and insolvency practitioners teams. He has worked at ASIC since 2008. Sharon Concisom was appointed executive director of market enforcement, responsible for overseeing ASIC's significant market misconduct investigations and litigation. She has worked at ASIC since 2007.
Nathan Bourne was appointed to senior executive leader for market infrastructure, responsible for the supervision of Australian market licensees and operators, clearing and settlement facilities, Australian derivative trade repository operators and credit rating agencies. The team he leads is also responsible for examining new market and clearing and settlement proposals. He worked at ASCI in market supervision roles from 2011 to 2017, then joined National Australia Bank, where he provided compliance and risk expertise for markets, corporate finance and custody activities.
Calissa Aldridge was promoted to senior executive leader for market supervision. In that role, she leads a team responsible for the real-time surveillance and monitoring of trading activities across Australia’s equities, futures and OTC markets. She has held senior leadership roles in ASIC’s market supervision and market infrastructure departments since 2009 and most recently was group senior manager, market conduct.
In April, ASIC promoted Ben Cohn-Urbach to group senior manager, market conduct, replacing Aldridge. In this role he is responsible for oversight of exchange and over-the-counter intermediaries. He joined ASIC in 2013 and most recently was a senior specialist on market infrastructure issues. In 2016 and 2017, he worked in the Washington, D.C. office of FIA as manager of international policy and projects, with a focus on capital issues.
FIA Staff News
Bruce Savage has been named FIA's new Head of Europe. Savage, who will join FIA this summer, has spent 21 years with Deutsche Bank in a variety of roles, most recently as the bank’s global head of regulatory affairs and market structure, listed derivatives and markets clearing. He has been an active member of FIA, recently serving on the association’s board of directors and as a member of the European Regional Advisory Board.
“Bruce brings decades of experience in the cleared derivatives industry, and we are thrilled he is joining FIA at a critical time in Europe.,” said FIA President and CEO Walt Lukken. “With upcoming European elections and the uncertainties of Brexit, we are thrilled to have such an experienced leader and steady-hand as head of our European team.”
In this role, Savage’s responsibilities include heading FIA’s European operations, leading the European Regional Advisory Board and advocating FIA’s concerns to the U.K and European regulators and supervisory authorities. Based in London, Savage will work alongside Emma Davey, FIA’s chief commercial officer, to oversee advocacy, legal, communications and events staff located in London and Brussels. Savage replaces Simon Puleston-Jones who resigned earlier this year.
