Morgan Stanley made several changes to the management of its prime brokerage business, including new leadership for its cleared derivatives business. Penny Novick and Kim Shaw were named global co-heads of prime brokerage, taking over from Ed Keller, who stepped down to deal with a health issue. Novick previously was global head of futures and OTC clearing. Shaw previously was co-head of prime brokerage in the Americas.
The bank has tapped Mark Bortnik, previously the European head of the bank’s derivatives clearing business, to take over from Novick as global head of cleared derivatives. Bortnik joined the bank in 2010 as head of sales for its OTC derivatives clearing business and is based in the bank’s London office. Jason Swankoski, previously North American head of futures and OTC clearing, has been appointed global head of strategy and product for the clearing derivatives business, reporting to Bortnik.
Owain Roberts, previously European head of derivatives clearing sales, has been appointed head of derivatives clearing in Europe, taking over that role from Bortnik, and John Del Bello has been promoted to US head of cleared derivatives. Del Bello has been with the bank for 12 years, mainly in cleared derivatives relationship management. In addition, Yanny Leung has been appointed Asia head of cleared derivatives, based in Hong Kong. She previously worked in Morgan Stanley’s bank resource management division as head of Asia sales.
Credit Suisse has hired two senior executives from Goldman Sachs as part of a management reorganization after the exposure of problems in its prime brokerage business. The bank said it will bring in Joanne Hannaford as chief technology and operations officer and David Wildermuth as chief risk officer. Both executives will start early in 2022 and will serve on the bank's executive board. Hannaford will take over from James Walker, who will relocate to the US as deputy chief executive officer of Credit Suisse Holdings (USA). At Goldman Sachs, Hannaford held several senior roles across Goldman Sachs’ engineering department in London and New York. She also chairs the Bank of England's CIO Forum and received the Women in Banking and Finance Award for Achievement in 2020. Wildermuth will fill the vacancy left by the departure of Lara Warner, Credit Suisse's former chief risk and compliance officer.
In other moves, Credit Suisse has appointed Amélie Perrier as head of a new counterparty market risk unit aimed at tracking the trading activity of major clients and the potential impact on the bank. Perrier, who has been with the bank since 2016, previously was global head of equity market risk.
Barclays has hired Peter Ward as head of markets electronic trading and digital strategy. He will be based in New York and report to C.S. Venkatakrishnan, global head of markets. Ward joins the bank from J.P. Morgan, where he worked for almost 11 years, most recently as global head of futures and options electronic trading. Ward will have responsibility for the development of the BARX electronic platform and replaces Naz Al-Khudairi, who has left Barclays to take up a post in academia. The move marks a return to Barclays for Ward, who joined the bank’s electronic business when it bought certain assets of Lehman Brothers.
LCH has appointed industry executive Rohit Verma as head of Asia Pacific, based in Singapore. Verma reports to Isabelle Girolami, CEO of LCH Ltd, and is responsible for LCH’s sales in the region as well as its operations in Singapore, Sydney and Tokyo. He takes over from Kate Birchall who moved to London earlier this year as head of sales for the clearinghouse. Verma joins from Citi, where he held several senior roles in the bank’s futures, OTC clearing and FX prime brokerage business, most recently as APAC head of OTC clearing and FX prime brokerage. Prior to joining Citi in 2012, Verma held various risk management roles at Deutsche Bank, Landesbank-Baden Württemberg and Credit Suisse. He began his career at Siemens in India.
BNP Paribas has appointed Ashley Wilson as global head of prime services. He joins from Deutsche Bank where he was a managing director in the global prime finance business. Wilson is based in London and reports to Raphael Masgnaux, global head of prime solutions and financing and G10 rates, and Nicolas Marque, global head of equity derivatives and head of global markets for Continental Europe. The bank has also appointed John Gallo as global head of institutional sales in addition to his current role as co-head of global markets Americas. He is based in New York and reports to Olivier Osty, head of global markets.
Citi has merged its sales teams in the futures, clearing and prime brokerage (FCX) division and prime finance business and appointed Madlen Dorosh, head of FCX sales, to head up the newly merged team that will cover origination and growth strategies across FX, equities, fixed income, futures and OTC clearing prime brokerage clients. Citi has also appointed Pam Arnsten to lead its relationship sales and transition management team, which will be formed by merging its transition and client executive teams across prime finance and FCX.
Helen Fermor started as chief operating officer of ICE Clear US on 19 July, reporting to Kevin McClear, president of ICE Clear US. In her new role, Fermor oversees the day-to-day management of the clearinghouse and executing business strategies as well as the implementation of the ICE Risk Model 2.0. Prior to becoming COO, Fermor spent a decade working for various Intercontinental Exchange subsidiaries, including ICE Clear Credit. She joined ICE Clear Europe in 2009 from Creditex, an interdealer broker for credit default swaps, where she was head of product management.
Hong Kong Exchanges and Clearing has established a Mainland China Advisory Group, which will act as an advisor to the board of HKEX on the development of China’s financial markets and economy. Fred Hu, chairman, Primavera Capital; Ma Weihua, former president, China Merchants Bank; and Zhang Lei, founder of Hillhouse Group, have been appointed as members of the Advisory Group, which will be chaired by Laura Cha, HKEX chair. Zhang Yichen, HKEX non-executive director, and Nicolas Aguzin, HKEX CEO, will also be members of the Advisory Group, which will meet several times a year.
HKEX has also established a Mainland Markets Panel to be chaired by Aguzin. The panel will comprise industry and market practitioners, who will share knowledge and provide feedback and advice to HKEX on the group’s China business and initiatives through the panel’s regular meetings.
The US Senate has confirmed the nomination of veteran Federal Reserve staffer Nellie Liang as the US Treasury Department's undersecretary for domestic finance. She will have responsibility for overseeing the stability of the US financial system as well as management of the $21 trillion Treasuries market. Liang was most recently a senior fellow in economic studies at the Brookings Institution and a visiting scholar at the International Monetary Fund's monetary and capital markets department. She worked at the Federal Reserve for over three decades, including serving from 2010 to 2017 as the first director of the Office of Financial Stability Policy and Research, which became the Division of Financial Stability in 2016.
The White House has announced the nomination of Graham Steele to serve as Treasury assistant secretary for financial institutions. If confirmed by the Senate, he will have responsibility for setting policy on banking regulation, the regulation of cryptocurrencies, and the financial sector’s exposure to climate change risk. Steele, who has been a vocal proponent of treating climate change as a systemic risk to the financial system, formerly worked for Senator Sherrod Brown, the Ohio Democrat who chairs the Senate Banking Committee. He also has worked at the Federal Reserve Bank of San Francisco and the advocacy group Public Citizen. Steele is currently working at the Stanford Graduate School of Business, where he is the director of the Corporations and Society Initiative.
Veteran financial regulator Mark Branson has officially taken office as president of Germany’s Federal Financial Supervisory Authority (BaFin). Branson, who was born in the UK and also holds Swiss citizenship, was previously chief executive of the Swiss Financial Market Supervisory Authority, which he joined in 2010. He began his career in the financial industry at Credit Suisse before moving to UBS in 1997, where he held various leadership positions.
Charles Li, the former chief executive of Hong Kong Exchanges and Clearing, has been elected to the board of directors at fixed income trading platform MarketAxess. Li was CEO at HKEX from 2010 to 2020 and led the exchange group’s expansion into fixed income, currency and commodities following its acquisition of the London Metal Exchange in 2012. He also oversaw the launch of several market access initiatives such as the Shenzhen Stock Connect and the Bond Connect trading linkages.
US futures lawyer Anne Termine has joined the law firm of Bracewell as a partner in its government enforcement and investigations practice. Termine previously worked at Covington & Burling, where she led the futures and derivatives practice and was a member of the white-collar defense and investigations practice. Termine was a chief trial attorney in the Commodity Futures Trading Commission's enforcement division from 2003 to 2016, investigating and prosecuting alleged violations of federal laws related to commodities, futures, options, swaps and other derivatives.
Japan's Financial Services Agency has announced that Himino Ryozo has resigned from his position as Commissioner. He is succeeded by Junichi Nakajima, the former director-general of the FSA's Strategy Development and Management Bureau.
Broadridge Financial Solutions has appointed Keir Gumbs, a former US Securities and Exchange Commission lawyer, as chief legal officer. Gumbs takes over from Adam Amsterdam, who will be retiring after nearly 30 years of leading the company's legal function. Gumbs joined the firm from Uber Technologies, where he served as deputy corporate secretary and deputy general counsel. Before that he spent 13 years as a partner at Covington & Burling. During his time at the SEC, he served as counsel to an SEC Commissioner and held several other positions.
S&P Dow Jones Indices, a joint venture between S&P Global and CME Group, has appointed Bruce Schachne as chief commercial officer. S&P DJI publishes indices such as the S&P 500 and the Dow Jones Industrial Average that are used by exchanges for equity index futures and options. Schachne, who reports to S&P DJI chief executive Dan Draper and is based in New York, has been with S&P Global since 2005. He previously worked in the ratings division where he was head of sales for the Americas and global head of marketing.
B2C2, a London-based market maker specializing in the institutional trading of cryptocurrencies, has appointed Nicola White as president of its affiliate in the US. White previously worked at Citadel Securities where she was global chief operating officer of its fixed income business. Before that she was global head of electronic markets in the fixed income division at Morgan Stanley where she held several leadership roles after joining in 2003.
US futures lawyer Ryne Miller has joined FTX.US, a US-regulated cryptocurrency exchange, as its general counsel. FTX said he will have responsibility for ensuring that the exchange remains compliant with emerging US and global regulatory policies. Miller joins from Sullivan & Cromwell where he was a partner and co-head of the commodities, futures and derivatives practice. He was formerly an attorney at the Commodity Futures Trading Commission where he served as legal counsel to Chairman Gary Gensler. Miller sits on the executive committee of FIA's Law & Compliance Division.
William Walsh, a former senior enforcement counsel at CME Group, has joined the law firm of Murphy & McGonigle as a partner in the firm’s Chicago office. Walsh joins from the Chicago office of Dentons, where he served in the litigation and dispute resolution practice. Walsh served in CME Group’s market regulation department for four years, most recently as senior enforcement counsel.
Solidus Labs, a startup focused on market surveillance solutions for cryptocurrency trading, has hired Kathy Kraninger, former director of the US Consumer Financial Protection Bureau, as vice president of regulatory affairs. Kraninger, who served as CFPB director from 2018 to 2021, will lead Solidus Labs' regulatory strategy. Solidus Labs featured in FIA's Innovators Pavilion in 2019, and its backers include several well-known industry figures, including David Krell, the founder of the International Securities Exchange, and former CFTC Chairman Chris Giancarlo.
R.J. O’Brien & Associates has promoted Terry Gilhooly to global chief operating officer from COO, North America, and Heather Rucci to chief human resources officer from managing director, human resources. Gilhooly and Rucci will continue to report to RJO Chairman and CEO Gerald Corcoran.
Capitolis, a financial technology company founded in 2017, has tapped another industry veteran to join its leadership team. The company, which specializes in helping banks optimize the capital they deploy in their trading businesses, announced the appointment of Stuart Wexler as general counsel. Wexler previously served as group general counsel for NEX Group (formerly Icap), where he was responsible for the management of legal, compliance, risk, and government affairs functions globally. Before that, he was head of sales and trading compliance at Merrill Lynch. Most recently, he served as a legal consultant for the Federal Reserve Bank of New York and was a member of the Treasury Market Practices Group for more than a decade.
Eventus Systems, a provider of trade surveillance services, has hired J.J. Allingham as a sales director, reporting to Scott Schroeder, global head of sales. Allingham will be based in Rumson, New Jersey, and will focus on broker-dealers, exchanges, futures commission merchants and large asset managers. He was previously head of broker-dealer sales and Sigma X at Goldman Sachs and more recently was at Virtu, covering large institutional clients for six years.
Mary Beth Rooney is retiring from Citi after decades working on compliance and operations issues related to futures trading and clearing. Rooney has been a director at Citi since 2006 with responsibility for managing compliance for the bank's futures business in North America. Her role included not only promoting compliance with various regulations but also working with the bank's business units on improvements to the trading environment. She started her career in the audit department of the Chicago Board of Trade after graduating from DePaul University in 1976 and over the next three decades she held increasingly senior roles at the exchange, culminating in director of exchange operations from 2001 to 2005. She has served on several industry committees, including the business conduct committee of ICE Futures US and the hearing committees of the National Futures Association. She has been an active member of FIA for more than two decades and served as an officer of several member divisions of the association, including president of FIA Operations America from 2016 to 2017. She has also been a panelist numerous times at FIA conferences and participated in several FIA projects, including capital rules, position limit rules, a proposal related to ownership and control reporting, and the merging of CME and CBOT clearing.
