People news – September/October 2023

Appointments, promotions and other people news in the derivatives industry

12 October 2023


Barbara Dixon


Barbara Dixon, one of the first women in the managed futures business, passed away on 15 September. Dixon began her career as an assistant to Richard Donchian, the father of trend following, from 1970 to 1973. In subsequent years, she wrote many of his market letters and ran his 5 and 20 system until 1989. She later founded Spackenkill Trading, an independent commodity trading advisor. She also played an active role at the Futures Industry Institute as a member of its board of trustees and contributed much of her time and energy to raising funds on its behalf. In 2005, Dixon was inducted into the FIA Hall of Fame. 

People news 

The Bank of International Settlements has appointed Fabio Panetta as chair of the Committee on Payments and Market Infrastructures. The CPMI comprises representatives from central banks and functions as an international standard setter for payment, clearing, settlement and related arrangements. Panetta, an economist by training, is currently a member of the executive board of the European Central Bank and the incoming governor of the Bank of Italy. He will succeed Jon Cunliffe, deputy governor of the Bank of England, who has been chair of CPMI since January 2020. 

Fabio Panetta

Cboe Global Markets has announced that board member Fredric Tomczyk has been named as its new chief executive officer following the resignation of Ed Tilly. Tomczyk, a veteran financial industry executive, has been a Cboe board member since 2019. From 2008 to 2016, he was president and CEO of TD Ameritrade Holding Corporation and spearheaded the company's growth into one of the largest retail brokerages in the US. Before taking over as CEO, he helped negotiate and shape the transaction that brought Ameritrade and TD Waterhouse together in 2005 and subsequently served as the firm’s chief operating officer. 

In one of his first actions as CEO, Tomczyk promoted Catherine Clay to global head of derivatives, a newly created position. Clay, who previously was global head of data and access solutions, will oversee futures and options markets in the US and Europe as well as its proprietary index products. Clay, who started her career at Timber Hill, an options market maker, joined the Cboe in 2015 when it acquired LiveVol, an options analytics firm, where she had been the CEO. Cboe also announced that Adam Inzirillo, previously head of North American equities, has been promoted to replace Clay as global head of data and access solutions, and Oliver Sung, previously head of North America execution consulting, will replace Inzirillo on an interim basis.  

Fredric Tomczyk

The government of Singapore has appointed Chia Der Jiun as the managing director of the Monetary Authority of Singapore, the country's central bank and markets regulator. Chia currently serves as permanent secretary of development at the Ministry of Manpower. Before that he spent 18 years at MAS in various roles, including monetary policy implementation, banking supervision, and prudential policy. In 2011, he was seconded to the International Monetary Fund for two years as Executive Director for Southeast Asia, where he contributed to Board discussions and decisions on issues such as capital flow management, IMF financing programmes, and financial stability assessments. He takes over from Ravi Menon, who worked at MAS for 29 years and served as its head since 2011. 

Michael Syn

Singapore Exchange has announced a reorganization that will integrate all of its business lines into one division, apart from its index business. Michael Syn, who joined the exchange in 2011 as head of derivatives, has been promoted to president and head of the global markets division. This includes equities, fixed income, currencies, and commodities. Syn has been head of equities since 2019, serving as CEO of the group's stock exchange and its futures exchange. The index business will be led by Ng Yao Loong, the group's chief financial officer. SGX also promoted Tinku Gupta to chief information officer overseeing technology, market services and operations. She joined the group more than 25 years ago through one of its predecessors, the Singapore International Monetary Exchange. Most recently she has been serving as chief technology officer. 

Urban Angehrn, CEO of the Swiss Financial Market Supervisory Authority, stepped down from the role at the end of September. Deputy CEO Birgit Rutishauser has been appointed as interim CEO. Angehrn served as CEO for two years and was responsible for managing the Credit Suisse crisis. 

Marex has announced the departures of Carla Stent, non-executive chair of the group board, and Lord Stanley Fink, non-executive director, from Marex’s board. Stent served nine years and Fink served 13 years. Robert Pickering will succeed Stent and Sarah Ing will succeed Fink on the board. 

Mark Daniels

Pickering was previously a senior independent director at Marex. Earlier in his career, he spent over two decades at Cazenove developing and leading its financial advisory practice and was then promoted to chief executive. In the years since Cazenove, Pickering has served as an advisor to boards at Itau BBA and Hikma Pharmaceuticals.   

Ing joined Marex’s board in July 2021 and serves as chair of the Audit and Compliance Committee. She has over three decades of accountancy, investment banking and fund management experience. She is also an independent non-executive director and committee chair at CMC Markets, XPS Pension Group and Gresham House. 

Additionally, Mark Daniels has joined Marex as head of prime clearing services based in New York. Prior to joining Marex, Daniels spent four years at Bank of America Merrill Lynch as managing director, and 10 years at UBS as managing director of global head of sales, execution and clearing business where he oversaw exchange traded clearing derivatives voice and electronic execution, OTC clearing, FX prime brokerage and agency electronic execution for rates and FX. Additionally, Daniels spent six years at Morgan Stanley and nine years at Goldman Sachs.

Jon Daplyn
Jon Daplyn

Marex has also brought Richard Meade on as head of North American energy futures clearing sales beginning 1 October. Meade spent eight years at Macquarie Group as senior vice president and, most recently, managing director and head of US futures clearing sales. Prior to his time at Macquarie, he spent nearly five years at Barclays as director of prime services and futures and six years at UBS as executive director.

Clear Street, a venture capital-backed prime broker that was established in 2018, appointed Jon Daplyn as chief information officer. Daplyn joins Clear Street from Morgan Stanley, where he spent 27 years in various roles including head of derivatives clearing technology, co-global head of listed derivatives post trade technology, and head of prime brokerage technology. As head of Clear Street’s product and engineering organization, Daplyn will manage the implementation of the company's future roadmap. Earlier this year, the company acquired a futures clearing technology firm and raised an additional $270 million in funding.  

Tom Fitzpatrick

The Depository Trust and Clearing Corporation has appointed Brian Steele as managing director and president of clearing and securities services. He will be responsible for leading all DTCC clearing and securities services businesses, including equity clearing and settlement, fixed income clearing, wealth management services, asset services and institutional trade processing. Steele will report to DTCC president Frank La Salla. Prior to joining DTCC, Steele spent 20 years at Goldman Sachs, most recently as global head of market structure solutions for the global markets division. 

R.J. O’Brien & Associates appointed Tom Fitzpatrick as managing director of global markets insights. Fitzpatrick spent four decades at Citi, mainly as a producer of commentary on macroeconomic developments and market trends. Originally from Ireland, Fitzpatrick began his career at HSBC, then joined Citi in the mid-eighties. He moved to New York in 1996 to serve as Citi's head of FX institutional sales. For the last 24 years, he has been global head of Citi's FX technical products, which provides market analyses to clients. 

Noel Fernandez

Citi has named Noel Fernandez NAM regional head of futures, derivatives and clearing (FDC) operations. Fernandez joins Citi from Wellington Management, the Boston-based investment management firm, where he was vice president for nearly a decade. Prior to his time at Wellington, he spent nearly four years in OTC derivatives clearing at Barclays and 15 years in various roles at JP Morgan.

CME Group has appointed Peter Jaeger as executive director and head of client development and sales in Japan and country head of Japan. He will be responsible for driving sales and revenue growth for in Japan and leading all customer and regulatory Japan relationships. Jaeger joins CME after a long career in the futures industry. He worked for 15 years at JP Morgan's offices in Japan, rising to head of the bank's futures and options business for Japan and Korea. He subsequently worked at Bank of America as head of Asia Pacific futures and option and OTC clearing and then moved to Citi as regional head of futures, clearing and collateral. More recently he has served as chief of staff for FIA Japan, a strategic advisor at GFO-X, and an audit board member for JPX Derivatives and Commodities. 

Tim Elliott

Christopher Bowen is leaving CME Group, where he has been chief regulatory counsel for 14 years. Bowen started his career at the Commodity Futures Trading Commission in the early 1990s, then moved to the legal department at the New York Mercantile Exchange in 1993. He remained with Nymex for 15 years, aside from a brief stint at Morgan Stanley, then joined CME when it bought Nymex in 2009. To take his place, CME is promoting Tim Elliott, currently associate general counsel. Elliot has worked at CME for 13 years. Before that he was special counsel at Katten Muchin Rosenman for three years.  

Stelios Tselikas

Intercontinental Exchange has appointed Stelios Tselikas as its head of interest derivatives in Europe and promoted Nazareen Gilbertson to head of corporate development for ICE Futures Europe, its London-based exchange.  

Tselikas has been with ICE since 2014. He is a former chief operating officer at ICE Benchmark Administration and previously served as head of corporate development for ICE Europe. He also spent time at Neptune Lines and BNP Paribas. In his new role, Tselikas will oversee ICE’s interest rate futures and options markets and will report to vice president of financial derivatives Caterina Caramaschi. 

Gilbertson has been with ICE for 15 years. Previous roles at ICE include chief operating officer at ICE Trade Vault Europe and director of energy clearing development. She will report to Chris Rhodes, president of ICE Futures Europe. 

Nazareen Gilbertson

Millennium Management, the $60 billion hedge fund, has hired Gideon Mann as global head of artificial intelligence. Millennium said he will work with the firm's chief information officer, Vlad Torgovnik, in building and leading a new AI advisory group "focused on helping teams across the firm navigate this rapidly developing space." Mann previously worked at Bloomberg, where he was the head of machine learning product and research and led the development of the firm's "BloombergGPT" generative AI service. 

Brevan Howard, the $20 billion hedge fund, has hired Elycia Sherman as head of commodities to lead its expansion in the trading of commodities. Sherman previously was the global head of trading at Hartree Capital Management, the investment management arm of Hartree Partners, the commodity trading firm. 

Jill Davies

Shell promoted Jill Davies to general manager of its LNG marketing and trading team in the Americas. Davies has been with Shell since 2016, serving most recently as senior vice president, trading. Before joining Shell, she spent 12 years at BG Group in various roles. She also has served as a board member of the Electric Power Supply Association, a US trade group that advocates for electricity suppliers. 

BP has appointed Orlando Alvarez as the new head of BP America replacing Dave Lawler. Alvarez, currently senior vice president gas and power trading, Americas, has spent 20 years at BP in various roles. The US is the largest country for BP's operations and includes Gulf of Mexico oil and gas production for onshore shale basins, refineries, offshore wind, biogas and retail. 

FIA European Principal Traders Association has brought on Sandra Burggraf as a senior policy advisor of prudential regulation and risk. Burggraf joins from ICE Futures where she was an independent non-executive director and risk and audit committee member. She has also worked for Citi and Optiver and spent a decade at Maven Securities Holding in various roles including chief financial officer and head of corporate and market structure. Burggraf is returning to FIA EPTA where she previously served on the executive committee from June 2019 to June 2021. 

Sandra Burggraf

Flow Traders BV Board, the principal trading firm based in the Netherlands, has appointed Caroline Terry as an independent member of its supervisory board and a member of the risk committee. Terry spent 25 years at Bank of America and its predecessor Merrill Lynch, holding multiple roles within its global markets business in London. During that time, she worked closely with market makers, proprietary trading firms and quantitative hedge funds, and her responsibilities included prime brokerage and electronic execution for cash equities, ETFs, and listed derivatives. She left the bank in 2021 and currently serves in advisory roles at several companies. 

Additionally, Flow Traders also appointed Bill Stush as CEO of Americas and member of the global executive committee. Stush has been managing director at Flow Traders since 2016. Prior to joining Flow Traders, he spent 10 years at Bank of America Merrill Lynch as managing director of global portfolio products and head of Americas ETF distribution. 

Former US regulatory official Christopher Ehrman has started a new position as partner at the law firm of Phillips & Cohen. Ehrman previously worked at the US Commodity Futures Trading Commission as the director of the whistleblower office and at the US Securities and Exchange Commission as assistant director in the office of market intelligence. 

Dan Smalley

Broadridge, a leading financial technology provider, has promoted Dan Smalley to global head of derivatives business development based in Chicago. He previously spent four years as the company's head of business development in its Americas trading and solutions division. Prior to joining Broadridge in 2019, Smalley spent 14 years at Fidessa, a software development company that provides trading, investment and information solutions to its clients. At Fidessa, he served in various roles including head of derivatives, head of business development for EMEA, director of business development for enterprise and most recently as global head of derivatives business development for Americas product marketing.  

Rosario Chiarenza

Citi has promoted Rosario Chiarenza from global head of swap dealer governance and risk controls to US regulatory and compliance risk and controls and will be based in New York. Prior to his time at Citi, Chiarenza spent nearly seven years at Morgan Stanley as executive director and head of regulatory reform strategy. He was also counsel at the International Swaps and Derivatives Association for five years.

Cboe Global Markets has appointed David Brent as global head of data and analytics sales. Brent joins Cboe after spending more than 15 years at JP Morgan, most recently in the role of executive director and co-head of data and analytics sales. He also served as executive director and global head of technology sales and securities services and executive director and global business manager of execution services. 

Antoinette Beale

Antoinette Beale started a new position as senior compliance officer at ADNOC Trading, the trading arm of the Abu Dhabi National Oil Company. Beale joined ADNOC from Mercuria Energy America where she served as senior compliance analyst. Previous work experience includes working in regulatory affairs for the commercial business division at Southern Company Gas for three years and serving in various roles from 2008 to 2016 at BP. 

StoneX, one of the few futures brokers in the US that clears bitcoin futures at CME Group, has appointed Melissa Moo Harkins as director of digital assets. She joined the firm from Blockdaemon, a blockchain infrastructure company, where she was director of sales. Earlier in her career she worked in electronic trading and technology at Nasdaq, Bank of America and Weeden & Co. She is also the co-founder of Wall Street Rides FAR, a non-profit that raises funds for autism research.

Kwesi Smith

The Greenwood Project, a Chicago-based non-profit that helps bring diverse talent into the financial services industry, has appointed Kwesi Smith to chief executive director and has named Sizwe Kamara as the new board president. Smith served as Greenwood Project's board president while working as a global consumer analyst for William Blair, an investment banking firm based in Chicago. Kamara is currently an executive director at Morgan Stanley Investment Management and has served as a Greenwood Project board member since 2020. 

Peter Borish

Peter Borish has been appointed to the Board of CIBC Bank USA. Borish is currently a partner in Adam Hoffman's natural gas options trading team at Torsion Technologies and a partner of Quantrarian Asset Management. He has served as president and CEO of the Computer Trading Corporation for 29 years. Other current and previous positions include board advisor at ValueStream Labs and chief strategist and director at

Exponential Exchange, a startup that is developing derivatives based on the value of used cars, has appointed Andrew Keane as managing director of derivatives sales and business development. He will head business development, innovation and product launch for the exchange. Keane brings more than 20 years of experience in derivatives trading, having most recently served as head of product in North America at TradeBlock and global head of derivatives algorithmic trading at Citigroup. 

GFO-X has appointed Lee Hogarth as head of market surveillance. Prior to joining GFO-X, Hogarth spent seven years as benchmark surveillance manager at ICE overseeing Libor, precious metals, interest rate swaps, US Treasuries and ISDA Simm. He also served as an independent financial futures trader and fund manager at Xconnect Trading Ltd for 15 years trading on CME, CBOT, LIFFE, ICE and Eurex and managing analysis and fundamental news driven data in trading strategies on interest rates, bonds, indices, energy and currencies. 

Former CME staffer Andrew Pisano has joined FIÙTUR, a climate data analytics company, as senior vice president for business development. FIÙTUR is a newly formed company that was spun out of Xpansiv, which runs one of the largest trading venues for carbon offsets and other environmental contracts. FIÙTUR’s board of directors includes FIA board member Jamila Piracci. Prior to starting this new position, Pisano was with Xpansiv for over three years. Before that he spent four years at CME in various roles.

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