The U.S. Senate confirmed Allison Herren Lee as a member of the Securities and Exchange Commission. Her term expires in June 2022, and her appointment returns the SEC to a full complement of five commissioners after the departure of Kara Stein, whose term expired in January. Lee worked at the SEC from 2005 to 2018 in several positions, including senior counsel in the complex financial instruments unit and counsel to Stein.
Kay Swinburne will join KPMG UK as its vice chain of financial services, leading its risk and regulatory insight center. A former member of the European Parliament representing Wales, Swinburne served on the Parliament's Economic and Monetary Affairs Committee and played a key role in shaping EU financial services legislation.
Several senior staffers have announced plans to leave the Commodity Futures Trading Commission. Brian Bussey, director of the clearing and risk division, will leave the agency in July. Bussey has served since 2018, overseeing the CFTC's risk surveillance and examinations, including cross-border oversight of foreign counterparties. Eric Pan, director of CFTC's office of international affairs, will leave the agency in August. Before joining the CFTC in 2015, Pan worked at the Office of International Affairs at the Securities and Exchange Commission. Matt Kulkin, director of CFTC's Division of Swap Dealer & Intermediary Oversight, will leave the agency later this summer. Kulkin has led DSIO since 2017, and prior to joining the CFTC was a partner at Steptoe & Johnson.
The Singapore Exchange has announced a new organizational structure and realigned the responsibilities of its top managers. The exchange also announced the addition of a new senior executive from Deutsche Bank and the retirement of Muthukrishnan Ramaswami, the exchange’s president, who had worked at the exchange for the past 12 years. Under the new structure, the exchange’s businesses will be divided into four business and client units reporting to Loh Boon Chai, the exchange’s chief executive. The four groups are: fixed income, currencies and commodities; equities; data, connectivity and indices; and global sales and origination. The FICC group will be led by Lee Beng Hong, who joined the exchange from Deutsche Bank. Lee worked at the bank since 2003 and has extensive experience with FICC products and sales. Most recently he was the bank’s head of institutional clients in China. Chew Sutat, previously the head of equities and fixed income, will take on a new role as head of the global sales and origination group, which includes oversight of the exchange’s nine offices outside Singapore. Michael Syn, previously head of derivatives, is now the head of the equities group, which will combine both cash equities and equity derivatives. Ng Kin Yee will continue to lead the data, connectivity and indices group.
ASX announced the appointment of Peter Nash as a non-executive director to its board. Nash has more than three decades of experience in financial reporting, risk management and auditing, and is currently chairman of the Johns Lyng Group as well as a non-executive director of the Westpac Group and Mirvac Group. He was formerly a senior partner with KPMG. ASX also announced that Fiona Tramontana, formerly the head of European clearing sales at Eurex, has joined the exchange in Sydney as general manager for rates within its derivatives and OTC markets business. Tramontana will report to Helen Lofthouse, who is the exchange's executive general manager of derivatives and OTC markets.
Nasdaq named Tal Cohen executive vice president, North American market services. Cohen will report to Adena Friedman, Nasdaq's president and CEO, and oversee Nasdaq's trading businesses across cash equities, commodities, derivatives and trade management services in U.S. and Canadian markets. He joined Nasdaq in 2016 as senior vice president of North American equities following the acquisition of Chi-X Canada, where he had served as CEO of Chi-X Global Holdings for six years.
Nasdaq also announced that Tom Wittman, who led Nasdaq's Global Trading and Market Services businesses and served as CEO of the Nasdaq Stock Market since 2016, will retire at year-end 2019. For the remainder of the year, he will serve as executive adviser and will continue to report to Adena Friedman. He also will continue to manage Nasdaq Fixed Income for the remainder of the year. Wittman joined Nasdaq in 2008 as part of Nasdaq's acquisition of the Philadelphia Stock Exchange.
Hong Kong Exchanges and Clearing named Niguel Brooks as managing director, head of infrastructure and operations, reporting to HKEX Group Chief Technology Officer Richard Leung. Brooks will be responsible for information security management and hosting services, serving in Hong Kong. He joined HKEX from the Australian Securities Exchange, where he was most recently served as strategic advisor on information technology. Prior to that, Brooks was part of the senior IT management team at the Singapore Exchange. Additionally, HKEX announced Alfred Lai has retired from HKEX as managing director of information technology after more than 14 years with the company.
Intercontinental Exchange has appointed Steve Hamilton its global head of financial derivatives. Hamilton previously worked at CurveGlobal, the London Stock Exchange Group-owned interest rate derivatives venue launched in September 2016. He most recently worked as a consultant for Archax, a firm building an institutional-grade exchange for trading asset-backed tokens. Hamilton will replace Chris Rhodes, who is leaving ICE to join Tyler Capital.
LCH announced that Susi de Verdelon has been appointed head of SwapClear and listed rates, a newly created role. She will report to Bruce Kellaway, head of rates, securities and collateral. De Verdelon joined LCH in December 2017 as chief operating officer for rates, and previously worked at Goldman Sachs for 13 years.
Société Générale announced Hatem Mustapha has been promoted to head of global markets for the Americas. Mustapha worked at the French bank for two decades, including senior positions such as global co-head of asset backed products and global head of its special situations group. He replaced Sylvain Cartier, who was named the bank's head of fixed income and currencies within global markets n May. Société Générale also announced that James Masserio and Salim Nemouchi will replace Mustapha as co-heads of equities and equity derivatives for the Americas region. The pair will report to Mustapha and to Alexandre Fleury, the bank's global head of equities and equity derivatives. Masserio joined Société Générale in 2017 as head of equity derivatives in the Americas after spending 16 years with Credit Suisse, and Nemouchi has served previously as the head of the bank's linear trading group within equities and equity derivatives Americas.
Sucden Financial has announced CEO Michael Overlander will move from his current role to the role of non-executive chairman, and that Deputy CEO Marc Bailey will become its new chief executive officer beginning Jan. 1, 2020. Serge Varsano will remain on the Sucden board as non-executive director, stepping down from his current role as chairman of Sucden Financial.
ADM Investor Services, the futures brokerage arm of Archer Daniels Midland, hired Simta Gupta as vice president, operations. She will be responsible for the oversight, direction and coordination of the firm's operations and processing teams. She previously worked at BP Oil Americas where she held various leadership roles over the past 12 years, most recently serving as the commodity risk senior director. She is also a board member for Women in Listed Derivatives (WILD).
Suzanne Calcagno joined HSBC as global head of regulatory response and oversight in the bank's global markets middle office. She will be based in the bank's London office. Previously she worked at Macquarie Group in Sydney as director of compliance and global head of regulatory reporting. Earlier in her career she worked at LCH, RBC Capital Markets, Morgan Stanley and UBS.
Maria Tsani, a government relations expert who previously worked for several U.K. banks, has joined the London office of Amazon Web Services as head of financial services public policy for Europe, Middle East and Africa. She joined AWS from Standard Chartered, where she was a director in group public and regulatory affairs. Earlier in her career she worked at Barclays as an assistant vice president, government relations.
Chainalysis, the blockchain analysis company, appointed Michael Mosier as chief technical counsel. He will be responsible for bringing legal expertise to the company's products, including data privacy and global anti-money laundering, sanctions, policy, and government matters. He joined Chainalysis after serving for over a decade in various U.S. government positions, including the Department of Justice, the Office of Foreign Assets Control, the White House National Security Council, and most recently, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).
Sterling Trading Tech, a Chicago-based technology company, appointed Erik Schmidt as managing director of client services. Schmidt previously worked at Transworld Systems, a debt collection and receivables management company. Before that, he worked as a portfolio manager at several companies and head of equity trading at Liquid Capital.
Phillip Capital announced that Tony Drake recently joined the firm as vice president of agriculture trading. Drake has more than 35 years' experience in the livestock industry including brokering, trading and risk management. He began his career at Cargill Investor Services in 1984, working there until 2005 when he started his own firm Drake Trading Group, building the firm until its sale in 2015. He most recently worked as CME group's senior director of agricultural products.
Do you have news about recent appointments or promotions in the derivatives industry? Email Will Acworth at wacworth@fia.org and Jeff Reeves at jreeves@fia.org.
