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People news - February/March 2022

Appointments, promotions and other people news in the derivatives industry

10 March 2022

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Cboe Global Markets has made several changes to its senior leadership. David Howson, executive vice president and president for the Europe and Asia Pacific regions, has been promoted to president effective 12 May. Howson will relocate from London to Chicago to assume his new position, in which he will oversee Cboe's business lines globally, including equities, derivatives, derivatives strategy, FX, data and access solutions, listings and The Options Institute, Cboe's educational arm. He will take over this role from Ed Tilly, who will continue as CEO and chairman.

Cboe also promoted Ade Cordell, senior vice president and president of Cboe Netherlands, to president for the Asia Pacific region. Cordell will relocate to the Asia Pacific region in the fourth quarter. He will continue to report to Howson in his new role, which will consist of overseeing the business operations of Cboe Australia and Cboe Japan as well as the company’s further expansion into the region. In addition, Cordell will continue to oversee Cboe's recently launched European derivatives business for the remainder of this year to allow for a seamless transition to his successor.

In addition, Cboe promoted Natan Tiefenbrun, senior vice president and head of European equities, to president, Europe. Tiefenbrun will continue to report to Howson in his new role, which will consist of overseeing Cboe’s UK and Amsterdam-based businesses.

In other news, Cboe has promoted Greg Hoogasian to executive vice president, chief regulatory officer. Hoogasian was previously senior vice president, chief regulatory officer at Cboe. He joined Cboe in 2004 as an attorney in its legal division.

CME Group has reshuffled its senior management team. Julie Holzrichter, chief operating officer, will assume an expanded role to oversee both global operations and CME Clearing. Sunil Cutinho, who previously led CME Clearing, has been appointed chief information officer, replacing Kevin Kometer who is retiring at mid-year. Suzanne Sprague has been promoted to senior managing director, global head of clearing and post-trade services, reporting to Holzrichter. Sprague has served as managing director, credit, collateral and liquidity risk and banking for CME Clearing since 2015.

In other moves, Tim McCourt has been promoted to the management team as senior managing director, global head of equity and FX products, and will be responsible for overseeing equity, foreign exchange, cryptocurrency and alternative investment products. He has led the company's equity and alternative investment business since joining the company in 2013. CME said Sean Tully will continue to lead the company's interest rates business, its largest asset class by revenue, as senior managing director, global head of rates and OTC products.

Nasdaq has promoted Roland Chai to executive vice president to lead its Market Infrastructure Technology business. Chai was previously Nasdaq’s global chief risk officer. Prior to joining Nasdaq in 2020, Chai served as head of post-trade and group risk officer at the Hong Kong Exchange. He previously served as head of equities at LCH Ltd after beginning his career in software development.

Chai takes over some responsibilities from Lars Ottersgård, executive vice president for Market Technology, who announced his retirement after 16 years at the organization. Ottersgård will transition into an advisory role on 30 April until his formal retirement on 31 August.

Taking over the remainder of his duties is Jamie King who has been promoted to executive vice president, Nasdaq, with responsibility for Nasdaq’s Anti-Financial Crime business, which provides solutions for detecting financial crime through trade and market surveillance technology and Verafin’s fraud detection and anti-money laundering solutions. King is currently president and CEO of Verafin, which he co-founded in 2003 and was acquired by Nasdaq in 2020. Both Chai and King will report directly to Nasdaq President and CEO Adena Friedman.

As a result of these changes, John Zecca, Nasdaq’s chief legal and regulatory officer, will assume management of Nasdaq’s group risk management team from Chai and will become chief legal, risk and regulatory officer.

Sabrina Wilson, the former global co-head of Citi's futures, OTC clearing and FX prime brokerage business, has joined crypto infrastructure provider Copper.co as the firm's chief operating officer. Wilson, who starts immediately, will focus on helping the London-based company grow its client base and navigate through the evolving landscape of global crypto regulations. Prior to Citi, Wilson served as European clearing head and global head of exchange-traded derivatives electronic execution at Deutsche Bank.

Dominic Stevens, chief executive officer of ASX, Australia's main stock exchange operator, has announced that he plans to retire this year but has agreed to stay until his successor is hired. ASX will begin a global search for Stevens’ replacement. Stevens joined ASX in 2013 as an independent non-executive director and was named CEO in 2016. He oversaw efforts to modernize the exchange’s technological infrastructure, including plans to replace its CHESS settlement system with a blockchain-based platform.

The Financial Stability Board has appointed Martin Gruenberg, acting chair of the US Federal Deposit Insurance Corporation, as chair of the FSB’s Resolution Steering Group, which leads the FSB’s work on resolution regimes, resolution planning and resolvability assessments for all sectors. Gruenberg succeeds Jelena McWilliams, former chair of the FDIC, who had served as chair of ReSG since October 2021. Gruenberg’s appointment is for a two-year term, renewable once.

Madhabi Puri Buch has taken over as the new chairperson of the Securities and Exchange Board of India, replacing Ajay Tyagi, whose five-year term ended on 28 February. Buch, a former SEBI whole time member, is the first woman to head the markets regulator.

Virtu’s head of fixed income and foreign exchange and co-head of crypto, Laine Litman, has left the company after nearly eight years to join quantitative investment firm Hidden Road Partners as president. Prior to joining Virtu in 2014, Litman served in futures trading and sales trading roles at UBS Investment Bank, Goldman Sachs and Bank of America.

Deutsche Börse has announced that Christoph Hansmeyer, managing director of group strategy, M&A, and chief of staff will move to the pre- and post-trading division to lead key projects. Jörg Pietzner, previously responsible for group investor relations, has been appointed to take over from Hansmeyer.

The National Futures Association, the self-regulatory organisation of the US futures industry, has re-elected Maureen Downs from Phillip Capital, Inc. to serve a one-year term as chair. The NFA also re-elected Don Thompson of JPMorgan Chase & Co. to serve as vice-chair.

Intercontinental Exchange has elected Marti Tirinnanzi as a new director. Tirinnanzi, who currently serves on the board of directors of ICE Mortgage Technology and board of managers of ICE Mortgage Services, fills a newly created seat on ICE’s board. Tirinnanzi has broad experience in derivatives pricing and financial reporting. In 2009, she was appointed chair of the Clearinghouse Working Group of the Federal Housing Finance Agency to oversee the transfer of $3 trillion in interest swap contracts during the financial crisis. ICE also announced that three of its existing directors—Charles Crisp, Frederic Salerno and Vincent Tese—will not stand for re-election at the next shareholders' meeting in May. The three directors have served on the board since before ICE went public in 2005.

The law firm of Fried, Frank, Harris, Shriver & Jacobson has announced that five lawyers—Ray Shirazi, Steven Lofchie, Dorothy Mehta, Nihal Patel in New York and Jason Schwartz in Washington DC—are joining the firm's financial services practice as partners. All five were previously partners at Cadwalader, Wickersham & Taft. The team will work on transactional and regulatory matters including fund formation, broker-dealer regulation, digital asset and tax, according to Fried Frank.

Eventus Systems, a provider of multi-asset class trade surveillance and market risk solutions, has appointed Josh Bosquez as chief technology officer. For the past three years, Bosquez served as CTO at Armor Cloud Security. Bosquez reports to Eventus CEO Travis Schwab.

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