Nasdaq named Adena Friedman (pictured) president and chief executive officer. She succeeds Robert Greifeld, who was named chairman of the board after serving nearly 14 years as CEO. (See Sept. 2016 issue of MarketVoice for a profile of Greifeld). Friedman has served in a variety of leadership roles at Nasdaq including head of data products, head of strategy, and chief financial officer. She left Nasdaq in 2012 and became chief financial officer of Carlyle Group, leading the firm through its initial public offering. In 2014 she rejoined Nasdaq as president, responsible for listing services, information services and technology solutions.
Nasdaq also announced that Hans-Ole Jochumsen (pictured) will serve as vice chairman of Nasdaq. He will work across Nasdaq's European teams to deepen relationships with clients as well as regulators. He previously served was president of Nasdaq, responsible for global trading and market services, which includes trading, clearing and settlement. That business will now be run by John Shay (pictured below), who will handle fixed income and commodities, and Tom Wittman, who remains in charge of equities and equity options. Shay joined Nasdaq in October as senior vice president and global head of commodities. Previously he worked at Virtu Financial as senior vice president for global markets.
Bjorn Sibbern was promoted to Nasdaq’s executive vice president of global information services, responsible for Nasdaq’s index and data business. He succeeded Salil Donde. Sibbern has been with Nasdaq for 12 years, most recently responsible for leading the company’s global commodities business while also serving as president of the Nasdaq Copenhagen Exchange.
Hester Serafini (pictured) was promoted to president of ICE Clear U.S., replacing Tom Hammond who will retire on Jan. 1. Serafini is currently chief operating officer and will step into the new role at the beginning of 2017. Hammond, an industry veteran, joined ICE Clear U.S. as president in 2007. Prior to joining ICE, he was managing director of trading operations at the Chicago Board of Trade. Serafini joined ICE in March 2016, and is responsible for managing the clearinghouse operations and interpreting and implementing regulatory changes. She joined the company from J.P. Morgan, where she led the OTC clearing and intermediation business for credit, FX and rates derivatives in Europe, the Middle East and Africa. Prior to that, Serafini was global head of credit prime brokerage and clearing for Deutsche Bank.
Singapore Exchange announced that Kwa Chong Seng was elected chairman of its board of directors. He succeeded Chew Choon Seng, who retired in September after 12 years on the exchange’s board. Kwa, an engineer, spent most of his career in the oil industry and served as the managing director of ExxonMobil Asia Pacific until 2011. He has been serving as the chairman of Olam, the commodity trading company, since October 2015, but will step down from that position in December. In addition, SGX named Alex Lenhard as senior vice president, U.K. country manager and head of sales for Europe and USA. He reports to Rama Pillai, the exchange’s chief representative in London. Lenhart was previously European head of listed derivatives and OTC clearing at Credit Suisse and a member of FIA’s European regional advisory board.
Credit Suisse appointed Indrajit Bardhan (pictured) as global head of prime services, which includes execution and clearing for derivatives as well as financing, custody and other services. Bardhan is taking over this position from Michael Paliotta, who has been running prime services since April 2015 in addition to his responsibilities as global head of equities. Bardhan, who will report to Paliotta, joined the bank in 2009 and most recently served as global head of risk for prime services and head of the prime services business in the Americas.
Gregg Berman, formerly an associate director in the SEC’s office of analytics and data and considered the agency’s authority on high-frequency trading, joined Citadel as director of research and market structure.
LCH.Clearnet Group appointed Jason Sippel, global co-head of equities at J.P. Morgan, to its board of directors as a user representative. In addition, Graham Wright joined the board of its U.K. clearinghouse as an independent non-executive director. Wright is chief information security officer and global head of digital risk for National Grid, the U.K. power and gas company.
Derek West (pictured), a senior director and head of derivatives oversight at Canada’s Autorité des Marchés Financiers, announced that he will step down after serving 12 years with the regulator. Lise Estelle Brault will take over his position as the head of the authority’s derivatives team. She joined AMF in 2013 from PSP Investments, one of Canada’s largest pension fund managers.
The Korean government appointed Chanwoo Jeong, a former regulator, as chief executive officer of Korea Exchange. Jeong, who has a Ph.D. in economics from Purdue University in the U.S., previously served as vice chairman of the Financial Services Commission from 2013 to early 2016. He replaced Choi Kyung-Soo, who had served as CEO since 2013.
Terry Duffy (pictured) was named chairman and chief executive officer of CME Group, following the announcement that CEO Phupinder Gill will retire from the organization at the end of 2016 after 28 years in a wide range of roles. Bryan Durkin, who is currently chief commercial officer, was promoted to president of CME. In Addition, Terry Burke was named senior director, client development and sales at CME Group. He reports to Phillip Hatzopoulos, managing director, client development and sales. Prior to joining CME, Burke was head of Americas futures and options distribution at Barclays.
G.H. Financials appointed Steven Wilkins as head of listed derivatives, sales and execution in London. Wilkins was previously at Societe Generale. The company also appointed Julian O’Leary as managing director of development and technology. O’Leary was previously at Intercontinental Exchange as director of interest rate products. Russell Levens, CEO of the company’s U.S. subsidiary, is taking on additional responsibilities as managing director of global operations. Gemma Lloyd was promoted to managing director, global service delivery.
Cinnober appointed Tom Bendixen as general counsel. He was previously at Deutsche Boerse, where he was responsible for exchange cooperation and representation on working groups with organizations such as the World Federation of exchanges and others. At the request of Deutsche Boerse, he will continue on an interim basis as its representative on the board of directors of India’s BSE.
Simon Lorne was named chairman of the Alternative Investment Management Association. Lorne is also the vice chairman and chief legal officer at Millennium Management. He succeeded former SEC Commissioner Kathleen Casey, who served as chair of AIMA from September 2012 to September 2016.
Icap appointed Seth Johnson as CEO of EBS BrokerTec. He replaced Gil Mandelzis, who announced earlier this year his plans to leave Icap. Johnson had been serving as head of strategy for global broking. He previously led the expansion of Icap’s electronic markets product portfolio as CEO of BrokerTec and CEO of the Icap Securities and Derivatives Exchange. Johnson reports to Icap CEO Michael Spencer.
The Order Machine, a Dutch trading venue for equities and equity derivatives, appointed Hans Pieterse as CEO. The appointment was approved by Dutch regulators on Oct. 27. Pieterse previously worked at Optiver as head of market structure. He succeeded Willem Meijer, who stepped down on Sept. 1.
Remco Lenterman, head of global business development at Citadel, was appointed chairman of the FIA European Principal Traders Association. Lenterman is returning to the role of chairman, a position he held from 2011 to 2015. He takes over the role from Mark Spanbroek, who is now vice chairman of the association. Willem Sprenkeler, corporate affairs manager at Optiver, returned to his position as a member of the FIA EPTA executive committee after serving as vice chairman for the past year.
Eris Exchange appointed former Barclays executive Tim Stack as managing director and head of Europe. He is based in the exchange’s newly established office in London and is responsible for sales, marketing and strategic partnerships in Europe. At Barclays, Stack was head of agency derivatives services and was responsible for the bank’s global futures, OTC clearing and FX prime brokerage businesses.
The Securities and Exchange Commission named David Saltiel to head the Office of Analytics and Research in the Division of Trading and Markets. The Office of Analytics and Research provides expertise in quantitative data analysis, trading, portfolio management and risk management, and examines topics such as market structure, new products and rule filings by exchanges. Saltiel was previously the chief economist at the Municipal Securities Rulemaking Board.
IN MEMORIAM
FIA is saddened to report that David Goldberg, founder and chairman of Burling Bank, passed away. Goldberg started out as a floor clerk at the Chicago Board of Trade when he was a teenager and went on to a successful career as a commodity trader and business owner. He and his brother built Goldberg Brothers into one of the largest Chicago-based clearing and trading firms. He later formed Burling Bank, a boutique banking business located in the Chicago Board of Trade Building.
FIA regrets to report that William Louis Dreyfus, the former head of Louis Dreyfus Group, has passed away. Born in France and raised in the U.S., he was the great grandson of the group’s founder. He took charge of the company in 1969 and broadened its role from a grain trader to a diversified trading house active in a wide range of commodities. He retired in 2006, but continued to serve as chairman of the company’s energy joint venture with Highbridge Capital Management for several years after that.
