Hal Hansen, a long-time respected veteran of the derivatives industry and a member of the FIA Hall of Fame, has passed away at the age of 85. Hansen spent 40 years at Cargill, with the last 20 years as president of Cargill Investor Services, its futures brokerage subsidiary. He was chairman of FIA in 1992 and 1993 and served on its executive committee for many years and was a major force in international cooperation, supporting initiatives of the FIA Japan and UK Chapters, the Futures and Options Association, and the Swiss Futures & Options Association. Additionally, Hansen served on the Chicago Board of Trade and Chicago Mercantile Exchange’s FCM committees and was chairman of the National Futures Association from 1994 to 1998.
Carl Gilmore, a lawyer and listed derivatives industry veteran, sadly passed away in May. During his career, he was co-head of Wedbush Futures, head of futures at KCG, and general counsel and risk manager at Penson Worldwide. Most recently he was president of Integritas Financial Consulting. Gilmore served as a member of the FIA Law and Compliance Division and was also a member of the NFA Compliance and Risk Committee, the National Futures Association, American Bar Association, Chicago Bar Association, and Global Association of Risk Professionals.
FIA regrets to report that Fabian Somerville-Cotton, managing director for ADM Investor Services International and ADM UK country manager, passed away in May. Somerville-Cotton joined ADM in 2013 from HSBC where he was head of listed commodity sales. Before that, he was global head of listed products at Commerzbank. He was also chairman of the London Metal Exchange Warehousing Committee and a former LME board director. In a statement Matt Chamberlain, LME’s CEO said. “As chairman of the Warehousing Committee, Fabian oversaw significant reform to the LME warehouse rules and regulations, expertly steering the exchange and its warehouse operators through a period of technical and complicated transformation. He was instrumental in building consensus on core decisions and invaluable to the success of that process. As its current chairman, the Committee will miss him greatly – as will his many friends and colleagues across the industry.”
JP Morgan has promoted Emma Richardson to global head of futures and derivatives clearing after Nick Rustad requested a leave of absence. Richardson joined JP Morgan in 2006 and has been responsible for product development, treasury and in-business risk for its futures and clearing business since July 2019. Previously, she led product development, business strategy and client service initiatives across cleared derivatives and OTC credit derivatives. In her new role, she reports to Jason Sippel, the bank’s global head of equities. Richardson recently joined FIA’s board of directors.
Gary Pettit, the UK chief executive of ED&F Man Capital Markets, is stepping down from the role and leaving the broker in October. He joined the company in early 2015 as global head of financial futures and options before becoming UK CEO in 2020. Previously, he was global head of financial futures and options at UK interdealer broker ICAP. He also spent more than 12 years at MF Global in various futures and options brokerage roles before becoming global head of financial futures and options. Pettit, who is an ambassador for Prostate Cancer UK, has also worked as a futures broker at Credit Agricole, on the Liffe floor for Refco and as a currency broker at Tullett & Tokyo.
FIA has announced the election of new directors to its board of directors, including the appointment of Alicia Crighton, global co-head of futures and head of OTC and prime clearing businesses at Goldman Sachs, as chair. Crighton has served on the FIA board of directors since 2018 and was appointed to vice chair in 2020. She serves as FIA’s representative on the CFTC Market Risk Advisory Committee and was instrumental in the launch of FIA’s board-level diversity initiative in 2019. FIA has also welcomed two additional members to its board: Emma Richardson, managing director and global head of the futures and derivatives clearing business at JP Morgan, and Thomas Anderson, senior vice president at ADM Investor Services. A full list of FIA’s leadership can be accessed here.
Elena Patimova has joined Cboe Global Markets as director, derivatives sales with responsibility for building and expanding Cboe’s equity derivatives portfolio, covering buy-side and sell-side clients globally. Patimova was previously director of equities and FICC at the Singapore Exchange. Before that, she was senior vice president, business development at R.J. O'Brien & Associates. Earlier, she served as head of commodity buy-side sales for the London Metal Exchange.
Brian Oliver has joined BlockFi, a global crypto financial services company, as general manager of institutions. Oliver will be responsible for managing BlockFi’s institutional business globally, including prime brokerage and asset management services to clients across the traditional finance and the crypto space. Oliver was previously head of business development for digital assets at the Depository Trust & Clearing Corporation. Prior to that he was managing director of global sales and account management at IHS Markit and spent four years at Citadel Securities as head of fixed income commodities and currency sales and relationship management for Europe and Asia. Prior to that, he headed EMEA derivatives clearing and collateral management sales for JP Morgan and held business development roles at CME Group.
S&P Global has appointed Danny Faryniarz as director in its US global regulatory reporting sales team in New York, reporting to Gavin Marcus, head of global regulatory reporting sales Americas. Faryniarz was previously managing director at global professional services firm Alvarez & Marsal in New York. He also worked at the Depository Trust and Clearing Corporation as managing director for corporate market strategy and industry relations. Previously, he worked in global rates sales at several firms including Merrill Lynch, Commerzbank Securities, RBS Greenwich Capital and Natwest Markets.
Arthur Laichtman has joined Nomura in New York as the head of credit risk for the Americas, responsible for all credit risk in the region. Laichtman joins from UBS after 27 years where most recently he was the Americas head of counterparty risk and the global head of CCP risk.
The US Senate has confirmed Lisa Cook, a Michigan State University economist, to serve on the Federal Reserve’s board of governors, making her the first black woman to hold the position in the central bank’s 109-year history. Cook, who previously worked as a staff economist on the White House Council of Economic Advisers during the administration of former president Barack Obama, will serve a two-year term expiring January 2024. Philip Jefferson, a college administrator and academic economist, has also joined the Federal Reserve’s board of governors. Jefferson was most recently vice president for academic affairs at Davidson College. Cook and Jefferson join Federal Reserve Chair Jerome Powell, who was formally sworn in in May to begin his second four-year term as head of the central bank, and Lael Brainard, who was sworn in as the Fed's new vice chair.
Barclays has appointed Aytac Ilhan as its new head of quantitative investment strategies, based in London. Reporting to Ashish Prabhudesai, Barclays’ global head of equity derivatives, Ilhan has responsibility for automating platforms for the corporate and investment bank’s index business and developing investment solutions for clients. Ilhan previously worked at Goldman Sachs for 16 years, most recently as managing director and global head of the systematic trading strategies desk strategists and head of EMEA equity derivatives desk strategists.
The Bank for International Settlements has appointed Cecilia Skingsley as head of the BIS Innovation Hub. She will lead the Innovation Hub in its mission to promote international collaboration among central banks on innovative financial technology. Skingsley, currently first deputy governor of Sveriges Riksbank, the Swedish central bank, will join the BIS on 14 September for a five-year term. She succeeds Benoît Cœuré, who was appointed president of France’s Competition Authority in January.
Futures broker ADM Investor Services has named Stuart Jackson as managing director for ADM Investor Services International (ADMISI). He succeeds Fabian Somerville-Cotton who sadly passed away last month. Jackson has served as the finance director for ADMISI for the past five years.
RBC Capital Markets has appointed Michael Chesterton as its new head of European futures and listed options sales and execution based in London. Chesterton joins RBC from ED&F Man Capital Markets, where he was head of futures and options multi-asset sales and execution. Prior to that, he was EMEA head of multi-asset listed sales and execution at Nomura for seven years and worked at RBS for 15 years in futures and options sales.
The Federal Reserve Bank of Dallas has named Lorie Logan as its new president and chief executive officer. She will start the role on 22 August. Logan currently serves as manager of the System Open Market Account for the FOMC. She also serves as executive vice president of the Federal Reserve Bank of New York, where she has led market operations, monitoring and analysis since 2012. In that role, she oversees analysis of global financial market developments and production of the New York Fed's reference rates, including the Secured Overnight Financing Rate. She also represents the Federal Reserve on the Markets Committee at the Bank for International Settlements.
Members of FIA European Principal Traders Association (FIA EPTA) have elected a new executive committee as the governing body of the industry organization. Mark Spanbroek was re-elected for his final term as chairman while Niels Lemmers of Flow Traders was elected as vice chair, both for a two-year term. Emma Lokko of Susquehanna International Group and Alistair McGrath of Tower Research Capital Europe were newly elected. The FIA EPTA executive committee further consists of Mike Bushore of Tyler Capital, David Furlong of Virtu Financial, Virginie Saade of Citadel Securities Europe, Jackie Mesa of FIA, and Piebe Teeboom (Secretary General, non-voting). Brono Kandrik of RSJ Securities decided not to run for re-election. Spanbroek thanked Kandrik for his work on the committee and RSJ Securities, which has been a member of the executive committee for 10 years.
Shareholders of Deutsche Börse have elected Shannon Anastasia Johnston as a shareholder representative to the Supervisory Board. She succeeds Karl-Heinz Flöther, who left the board after ten years. Johnston, who is chief technology officer at Global Payments, has assumed the chairmanship of the Supervisory Board's Technology Committee.