Obituary - Former CME Chairman Michael Weinberg Jr. recently passed away. Weinberg succeeded Leo Melamed as chairman of the CME in January 1972, playing a key role in building the International Monetary Market. Early in his career, Weinberg worked on the floor of the exchange as a trader. He served as vice president of Weinberg Bros. & Co., a commodity futures brokerage firm, and as president of American Futures Corporation.
The UK government appointed Sarah Breeden as deputy governor of the Bank of England, starting on 1 November. She will succeed Jon Cunliffe, who is completing his second five-year term in this role. Breedon, who has worked at the central bank for more than 30 years, will oversee the safety and stability of the UK’s financial sector and will sit on the Financial Policy Committee, the Monetary Policy Committee, the Prudential Regulation Committee and will also be a member of the Court of the Bank of England and chair of the Financial Market Infrastructure Board. She currently is the central bank's executive director for financial stability strategy and risk. She also has been leading the central bank's work on financial risks posed by climate change since 2016. Earlier in her career, she was executive director for the supervision of international banks operating in the UK. She also created and co-chaired the Bank of England’s women’s network and is an executive sponsor of the bank’s LGBTQ+ network.
Italian President Sergio Mattarella has nominated Fabio Panetta as the next governor of the Bank of Italy starting 1 November. Panetta is currently an executive board member at the European Central Bank. Previously, he was senior deputy governor of the Banca d’Italia, president of the Italian Insurance Supervisory Authority, member of the General Board of the European Systemic Risk Board, and an alternate member for Italy of the G7 and the G20.
Additionally, Italy Central Bank board member Alessandra Perrazzelli has been selected to succeed Panetta on the European Central Bank’s Single Supervisory Mechanism board. The SSM oversees the euro zone’s top 117 banks, and its supervisory board includes members of the ECB and representatives of national supervisors from the 19-euro zone countries. Perrazelli, a lawyer with experience in banking, has been a member of the governing board and deputy governor of the Bank of Italy since 2019. Previous experience includes Italy country manager at Barclays, and head of international regulatory and antitrust affairs at Intesa Sanpaolo.
LME Clear, the clearinghouse for the London Metal Exchange, has appointed Michael Carty as chief executive officer and director on its board, effective 2 October. Carty will join the clearinghouse from Euroclear Group, where he has held various senior roles over the last 15 years, including chief information officer and chief operations officer for Euroclear Sweden and Euroclear Finland, CEO of Euroclear Sweden and, most recently, CEO of Euroclear UK and International. James Cressy will step down as Interim CEO of LME Clear, remaining with LME Group when Carty joins in October.
The London Metal Exchange has appointed Nigel Dentoom as non-executive director of the board. Dentoom most recently served as CEO and then non-executive director of the LME ring dealing member CCBI Metdist Global Commodities in the UK, and currently serves as CEO of Metdist Enterprises. Previously, he spent a decade as executive chairman of LN Metals International and two decades at the Mocatta Group.
Hong Kong Exchanges and Clearing has appointed Zhou Jiannan as managing director and head of development to lead HKEX’s engagement with mainland regulators and partners. Zhou succeeds Mao Zhirong, who will now take on new responsibilities as a strategic advisor for the Greater Bay Area and China commodities. Zhou joins HKEX from Jiahe Asset Management in Shanghai, where he has been chairman since 2021. Previously, he was CEO at Everbright Securities, CEO at Dacheng Asset Management and served in several roles at the China Securities Regulatory Commission, most recently as deputy director-general at the Department of Listed Companies Supervision.
Citadel Securities has appointed Tony Tang, the former head of BlackRock's China business, to lead its China operations. He will start in September and will report to Peng Zhao, the chief executive of Citadel Securities. Tang, a veteran in China's financial markets, will be responsible for driving the firm's expansion in China. In February, the firm's Hong Kong subsidiary was designated a “qualified foreign institutional investor” or QFII by the China Securities Regulatory Commission. Before joining Citadel, Tang worked at Blackrock for four years. Earlier in his career, he worked at the CSRC from 2010 to 2014.
Roland Hamann has joined Millennium, a global alternative investment management firm, as head of low latency technology for the Asia Pacific region. Previously, Hamann held various leadership positions at technology provider Pico, including global head of product innovation, head of APAC, and chief technology officer. Additionally, he spent eight years at Eurex in market operations and served as vice president of business development, institutional investors.
AccessFintech, a provider of data and network collaboration technology, has appointed Christopher Daur as global head of buy-side. He joined the firm after spending 18 years at Goldman Sachs where he was most recently managing director focused on post-trade challenges. Before Goldman Sachs, he spent five years at JP Morgan in multiple operations roles.
CFTC Commissioner Caroline Pham has appointed Harry Jung as counselor and senior policy advisor and Brigitte Weyls as chief counsel while Meghan Tente continues to serve as chief of staff.
Jung joins Commissioner Pham’s office from Citigroup where he held the senior vice president position in both the CEO and CAO offices and served as the capital markets regulatory lead in Regulatory Strategy and Policy. Before that he worked at Morgan Stanley where he conducted internal compliance examinations and developed policies for new business activities in wealth management. Jung also worked at the Financial Industry Regulatory Authority and led broker-dealer examinations for compliance with securities regulations.
Weyls most recently served as assistant chief counsel for the CFTC’s Division of Market Oversight. She has also served on CFTC interdivisional working groups involving digital assets and climate-related risk, and most recently served as the designated federal officer of the CFTC’s Agricultural Advisory Committee.
Jason Somensatto has departed the US Commodity Futures Trading Commission to join Chainalysis, a software development company that offers cryptocurrency investigation and compliance solutions to global law enforcement agencies, regulators, and businesses. He will serve as head of North America public policy based in Washington, D.C. Somensatto spent two and a half years at the CFTC in various roles from policy & technology specialist to LabCFTC acting director, and most recently fintech policy specialist in the office of CFTC Chairman Rostin Behnam.