Job Moves: who is hiring and where

This article originally appeared on the Financial Times website, on September 9th, 2014

The latest job moves in the trading industry and coverage of people making the news in the world’s financial capitals.

Droit names Pickel to new advisory board

Droit Financial Technologies has appointed a trio of high-profile industry executives to a new advisory board as the US financial technology start-up readies its compliance software for a push into over-the-counter (OTC) derivatives trading.

The group has hired Robert Pickel, the former head of the International Swaps and Derivatives Association (Isda); Seth Cohen, the former UBS Group managing director, and Mark Beeston, the former head of ICAP’s post-trade business to serve as advisers, effective immediately.

Droit was founded in 2012 by a team of OTC derivatives traders and technologists to provide a common infrastructure and data for banks who trade and process OTC derivatives. Many banks have to update their systems to keep pace with market structure and regulatory changes and is often an intensive and costly process in which many jobs are replicated.

Chief executive Satya Pemmaraju was managing director of fixed income, commodity and currency trading at UBS while co-founder Anup Menon was senior vice president of fixed income, commodity and currency technology at Barclays, as well as risk technology at Lehman Brothers. Co-founder and head of product Brock Arnason was an executive director of fixed income e-commerce at Morgan Stanley.

“Pre and post-trade compliance were a central focus in my roles at Isda. I am excited to build on this experience in a practical product arena with the industry-leading team at Droit,” said Mr Pickel of his first appointment since leaving Isda earlier this year. “The robust, global Droit framework positions derivatives users to comply with myriad regulations efficiently and effectively.” (Philip Stafford, October 20)

This entry has been amended to correct the spelling of Mr Arnason’s name and Mr Menon’s position at Barclays

BCS appoints Bevan head of BCS Prime Brokerage

BCS Financial Group, the largest broker of equities and derivatives on the Moscow exchange, has promoted Tim Bevan to the newly-created role of chief executive of its growing overseas prime brokerage business.

Mr Bevan, who joined BCS from Otkritie Capital more than two years ago, will be responsible for all of the Russian broker’s international operations including future growth strategy, new products and diversifying the business.

Part of the role will be to expand BCS’s current financing operation activities, the company said.

Last year BCS made London the centre of its international operations, receiving approval from UK regulators and transferring trading emerging markets stocks from Cyprus.

“Since opening our UK office BCS Prime Brokerage has grown significantly, and we believe that now is the time to recognise this growth by creating a new chief executive position for which Tim was the natural candidate,” said Roman Lokhov, chief executive of global markets and investment banking at BCS Financial Group.

BCS has been leading a push by Russian brokers to grab business from overseas markets as the domestic market modernises.

It has also been on an aggressive hiring push. Besides Mr Bevan, it also recruited Mr Lokhov from Otkritie Capital. John Barker, former chief executive of Liquidnet Europe, has become chairman of BCS Prime Brokerage. (Philip Stafford, October 15)

CME names Knottenbelt head of its European and Asian operations

CME Group, the US futures exchange, has reshaped its overseas businesses, naming William Knottenbelt to a new role as head of its European and Asian operations.

The group has appointed London-based Mr Knottenbelt to oversee the bourse’s growth, customer relationships and new business opportunities in both regions.

His promotion from head of CME’s European business comes only days after it emerged that Julien Le Noble, head of CME Asian business in Singapore for the past three years, had submitted his resignation last week.

Mr Knottenbelt will report to Bryan Durkin, who was made chief commercial officer at CME two weeks ago.

The moves reflects a root-and-branch reshaping of the CME’s internal operations in recent months, with many of the Chicago group’s most senior and high-profile executives placed in new roles.

In August Jamie Parisi, chief financial officer for the last 10 years, said he would retire at the end of the year. He will replaced by John Pietrowicz, his deputy. Two weeks ago Kim Taylor, who was president of CME Clearing for seven years, moved to head all of CME’s operational functions. At the same time Mr Durkin was replaced as COO by Julie Holzrichter.

Completing its London-based promotions, CME named Kevin Collins as managing director, client development & sales, for its International business. He will report to Mr Durkin.

Martin Fraenkel was promoted to global head of energy, overseeing the development and execution of CME Group’s energy strategy. He will report to Derek Samman, global head of commodities and options products.

“CME Group’s international business continues to grow, now representing nearly 25 per cent of our volume, and our footprint has expanded to meet our European, Asian and Latin American clients’ business needs,” said Terry Duffy, CME executive chairman. (Philip Stafford, September 30)

Traynor joins Abide as non-executive director

Kathleen Traynor, the former director of regulation at the Futures and Options Association, has joined Abide Financial, a transaction reporting services group, as a non-executive director.

Her move is intended to supplement a commercial push by Abide, as incoming European rules toughen requirements for both financial and non-financial companies. Abide is examining reporting services for the EU energy market as well as Mifid and Emir, Europe’s toughened rules for markets and OTC derivatives trading respectively.

Abide is one of only three so-called commercial approved reporting mechanisms and the only non-exchange, non-investment bank-owned operator.

Ms Traynor had been working as a consultant to the FOA, renamed as FIA Europe last year following its merger with US sister trade group the Futures Industry Association.

She has also been head of regulatory strategy at the London Stock Exchange Group from 2007-10 and also worked in the markets division of the UK Financial Services Authority

At the FOA she led a cross-industry push for clarity on reporting of exchange-traded derivatives under Emir. A Canadian, she moved to London in 2004 after having worked as in-house counsel at the Toronto Stock Exchange. Last week the FIA announced Ms Traynor’s successor would be Corinna Schremp from LCH. Clearnet. (Philip Stafford, September 9)

Saxo appoints Belchambers as non-executive director

Anthony Belchambers, the former head of Europe’s main derivatives trade association, has joined the board of Saxo Capital Markets to help oversee the broker’s push into institutional markets.

Mr Belchambers, the founder and former chief executive of the Futures & Options Association, will become a non-executive director at Saxo.

The group, a UK subsidiary of its Danish parent Saxo Bank, wants to use its flexible, modern and low cost trading platform as competition and an outsourced alternative for large banks, many of whom are burdened with cumbersome and old computing infrastructures.

Saxo initially started out as a retail investor-focused, online foreign exchange trading platform but in January hired Matteo Cassina, formerly head of Citadel Europe, to attract institutional business.

Mr Belchambers, a lawyer by training, played a key role in developing industry to domestic, European and transatlantic financial regulation and tax in his 20-year tenure at the FOA.

“More than ever before, financial institutions need flexible, sophisticated trading infrastructure and reliable post trade services to allow them to focus on their core businesses,” said Mr Belchambers.

He is a co-founder and remains deputy chairman of the advisory group to the European Parliamentary Financial Services Forum and founder of the Associate Parliamentary Group on Wholesale Financial Markets and Services.

He left the FOA in March when it merged with the US-based Futures Industry Association, a sister trade group.

“His experience and expertise in financial markets will be a tremendous resource to the board as we continue the build-out of our institutional business with London as a major centre of our operations,” said Nick Beecroft, chairman of Saxo Capital Markets UK. (Philip Stafford, September 3)

LCH.Clearnet creates new fixed income role in reshuffle

LCH.Clearnet has extended the reshuffle of its top management under new chief executive Suneel Bakhshi and bolstered its fixed income business with a new role.

In a series of changes, the Anglo-French clearing house named Alberto Pravettoni to the role of Global Head of Exchanges, focusing on equities, commodities and listed derivatives clearing.

The group also appointed Bruce Kellaway from Lloyds Banking Group to the newly-created role of Global Head of Fixed Income. Mr Kellaway was most recently managing director of rates trading, the latest in a series of roles in a 20-year career at the UK bank. He also help build the bank’s fixed income trading business, including its role as a market maker for UK gilts, and served as interim head of trading and managing director of swaps.

Both men will report to Michael Davie, chief executive of LCH.Clearnet’s UK business and Christophe Hemon, his counterpart at LCH in Paris.

LCH also announced that Cecile Nagel has been appointed global head of equities, covering both LCH’s cash and derivatives business. She will report to Mr Pravettoni. All appointments are effective immediately. (Philip Stafford, September 1)

Parisi to retire as chief financial officer at CME

Jamie Parisi is to retire from CME Group after more than 26 years at the world’s largest futures exchange.

The 49-year old Mr Parisi, the group’s chief financial officer for the last 10 years, will retire on December 31. He will be replaced by John Pietrowicz, his deputy.

Mr Parisi has helped oversee the group’s rapid expansion in the last decade, and played key roles in its purchases of the Chicago Board of Trade and the New York Mercantile Exchange, for $8bn in shares, and $8.9bn in cash and shares respectively.

Mr Parisi described his decision to step down as “bittersweet”. “It has been my pleasure and honour to be part of this team, and I am thrilled that John will be assuming the CFO role,” he said.

Mr Pietrowicz, 50, joined CME in 2003 and was also the group’s head of corporate development and finance. He will report to Phupinder Gill, chief executive.

“He has both the experience and the knowledge necessary to seamlessly and successfully assume the role,” said Terry Duffy, CME executive chairman of Mr Pietrowicz. (Philip Stafford, August 28)

NetOTC names Giovannini to board

NetOTC, a start-up derivatives clearing venue, has appointed Alberto Giovannini to its board of directors as it prepares for a rollout of its netting service later this year.

Mr Giovannini, well known among European financial markets policy makers, will chair the London-based group’s risk and governance committee.

Mr Giovannini is ex-chairman of the ‘Giovannini Group’, formed in 1996 to assess the impact of the single European currency on the region’s capital markets. It advocated removing several barriers in cross-border clearing and settlement, which have subsequently become known in the industry as the ‘Giovannini Barriers’.

NetOTC plans to offer some of the world’s largest banks multilateral netting and risk management of over-the-counter derivatives and has been in discussions with UK and US regulators about the service. Its service is akin to a clearing house – but for non-cleared trades – as a welter of new regulations such as Basel III capital rules and the US Dodd-Frank Act kick in. It is hoping to rollout its service in the autumn.

“We are at a pivotal point of market infrastructure change and it is abundantly clear that the financial services industry has to respond to the G20 requirements and deliver improved infrastructure and market stability,” said Mr Giovannini.

Founded by two former Barclays Capital legal directors, it has amassed a board of industry heavyweights, including Bob Wigley, former chairman of Merrill Lynch Europe and member at the boards of clearing houses LCH.Clearnet and Euroclear, as its chairman. Roger Liddell, former chief executive of LCH, and Robert Barnes, chief executive of Turquoise, the alternative trading venue, also sit on its board.

“Mr Giovannini’s undisputed industry pedigree and insight will prove invaluable as we bring NetOTC to the market,” said Mr Wigley. (Philip Stafford, July 8)

Hegarty leaves Thomson Reuters

Robert Hegarty has left his role as managing director, global head of equities, at Thomson Reuters after nearly four years at the data provider.

He has been replaced by Michael Chin, who joined the Anglo-Canadian group from Mantara, a US former high-speed trading technology supplier.

Mr Hegarty, a well-known figure in the industry, had been responsible for the equity trading business housed within Eikon, Thomson Reuters’s flagship markets desktop product. He also oversaw Market Structure and was responsible for providing thought leadership on industry issues to the company’s customers and staff. Mr Hegarty is expected to take some time off before his next move, he said.

Before joining in November 2010, he was managing director, strategy and marketing at the Depository Trust and Clearing Corporation, the US post-trade services group. He has also worked at TowerGroup, a financial markets consultancy, Putnam Investments, Fidelity, Drexel Burnham Lambert and Coopers & Lybrand.

Mr Chin was the president and chief executive of Mantara, which filed for US bankruptcy protection late last year. He was also global head of sales at Tradingscreen as part of 10-year career at the provider of electronic trading software provider. He has also worked at JPMorgan and JPMorgan Investment Management. (Philip Stafford, July 1)

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