Keeping Track of Appointments, Promotions and Other People News in our Industry

Mar 8, 2017

  • Michael Piwowar (pictured) was named acting chairman of the Securities and Exchange Commission. Piwowar, who has served as an SEC Commissioner since August 2013, will head the agency until the Senate confirms the nomination of Jay Clayton, a partner at the law firm of Sullivan and Cromwell, as chairman.

    Separately, the SEC announced several changes in its senior staff. Anne Small stepped down as general counsel. Sanket Bulsara, deputy general counsel for appellate litigation, adjudication, and enforcement division as acting director, filling a vacancy created by the departure of enforcement, was named acting general counsel. Stephanie Avakian was promoted to acting director of the SEC's division of enforcement. She replaced Andrew Ceresney, who moved to the law firm of Debevoise and Plimpton as co-chair of the litigation department.

    Scott Bauguess was named acting chief economist. He replaced Mark Flannery, who returned to teaching at the University of Florida. Narahari Phatak was named associate director for policy in the division of economic and risk analysis. Phatak, an economist who joined the SEC in 2012, will oversee the division's economic input on policy issues related to market structure, financial intermediaries and other issues. Wenchi Hu, an associate director in the SEC's division of trading and markets, left the agency in February. She headed the division's office of clearance and settlement supervision since August 2015.

  • The National Stock Exchange of India appointed Vikram Limaye as managing director and chief executive officer. He joined the exchange from IDFC, a government-backed bank that focuses on infrastructure lending, where he served as the CEO since 2013. Earlier in his career, he worked in the New York office of Credit Suisse for eight years. He replaced Chitra Ramkrishna, who resigned in December.

  • Shortly after being named acting chairman of the Commodity Futures Trading Commission, Christopher Giancarlo announced several changes at the senior staff level. Amir Zaidi was appointed as head of the division of market oversight. Zaidi joined the CFTC in 2010 and served as Giancarlo's legal counsel and policy adviser since August 2014. Vincent McGonagle, who had been running the market oversight division, returned to the enforcement division as acting director, filling a vacancy created by the departure of Aitan Goelman.

    In addition, Jeffrey Bandman stepped down from his role as acting director of the clearing and risk division to become an advisor on fintech issues. John Lawton will serve as acting director of that division. Lastly, Robert Schwartz was named acting general counsel, replacing Jonathan Marcus, who left the agency.

  • In January, London Metal Exchange named Matthew Chamberlain as interim chief executive officer. Chamberlain replaced Garry Jones, who stepped down after three years in the position. Andrew Dodsworth, LME's head of market operations, was appointed to replace Chamberlain as chief operating officer on an interim basis. Jones will stay on as an advisor to the LME until the end of 2017.

    In December, LME appointed James Proudlock as deputy chief executive for LME Clear, its clearinghouse. He will join LME in April 2017 and will report to Adrian Farnham, the clearinghouse's chief executive. Proudlock also will lead business development across LME and LME Clear. Proudlock was previously a managing director at JP Morgan Securities, where he was the global product head for commodities within the bank's futures and options and OTC clearing business.

  • The European Parliament confirmed that Jakob Von Weizsäcker (pictured), a German Socialist member of Parliament, will serve as co-rapporteur for the European Commission’s recently published proposal on CCP recovery and resolution together with British Conservative MEP Kay Swinburne. The legislation, which will set standards for how clearinghouses manage losses that exceed their default management resources, was proposed by the European Commission in November and is now subject to review by the Parliament and the EU Council.

  • Intercontinental Exchange hired Demetria O'Sullivan (pictured) as head of market and credit risk regulation at ICE Clear Europe. Prior to this, O'Sullivan was global market and credit risk manager at ABN AMRO Clearing in London.  Finbarr Hutcheson, president of ICE Benchmark Administration, is set to take over later this year as president of ICE Clear Europe. He will succeed Paul Swann, who plans to retire later this year.

    ICE also announced that Ray Kahn, formerly the head of clearing at Barclays Capital, has joined the exchange and will focus on ICE's interest rates business. During his time at Barclays, Kahn managed the firm’s FCM business and the development of its OTC clearing platform. He also served on the FIA board.

  • Daniel Tarullo submitted his resignation as a member of the Federal Reserve Board, effective in April. He has been a member of the Board since January 2009. During his time on the Federal Reserve Board, he served as chairman of the Fed’s committee on supervision and regulation. He was also chairman of the Financial Stability Board's standing committee on supervisory and regulatory  cooperation.

  • Rutger Schellens (pictured) was appointed CEO of ABN AMRO Clearing Bank N.V., subject to regulatory approval. He will succeed Marcel Jongmans, who left ABN AMRO last year. Jan Bart De Boer, who has been acting CEO, will take up his former role as chief commercial officer. Schellens has more than 30 years of experience in corporate banking and financial markets. He was previously senior managing director of capital markets solutions at ABN AMRO.

  • Wedbush Securities made two hires to bolster its futures business. Arthur Bass was named managing director for fixed income, financing, futures and rates. Bass worked for 18 years at Newedge and Societe Generale. Most recently he was a managing director at COEX Partners, an introducing broker. Bob Fitzsimmons was named managing director, responsible for overseeing the firm's FCM business. He is based in Chicago and reports to Rich Jablonski, executive vice president of Wedbush. Fitzsimmons joined Wedbush from an options trading firm, Coveney Trading. Earlier in his career he served as CEO of NQLX, a security futures exchange created as a joint venture between Nasdaq and Liffe, and as CEO of Red Sky Financial, a trading technology company.

  • OCC announced three additions to its senior management team in December. Amy Shelly, a former chief financial officer with Optiver, was appointed senior vice president and chief financial officer. She replaced Kim McGarry. James Pribel, formerly treasurer at CME, was named OCC's first vice president, treasury, which is a new position in the organization. In addition, Joe Adamczyk, currently OCC’s first vice president and deputy general counsel, was promoted to senior vice president and chief compliance officer. Adamczyk replaced
    Richard Wallace.