US election prompts appointments, resignations and speculations
US president-elect Donald Trump on Tuesday named Howard Lutnick, the businessman helming his presidential transition team, as his candidate for commerce secretary. Lutnick, the chief executive of financial services firm Cantor Fitzgerald, has been a vocal backer of Trump’s plan to impose tariffs on a large swath of US imports. In a post announcing Lutnick’s appointment on Truth Social, Trump said the Wall Street executive will “lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative,” writes Foreign Policy magazine.
The Financial Times reported that Apollo CEO Marc Rowan emerged as a top contender to be Treasury secretary. Rowan has the support of several Trump confidants and Wall Street donors, who cited his deep experience in financial markets. The 62-year-old private capital boss faces stiff competition for the role, however, with hedge fund investor Scott Bessent still a leading contender. Kevin Warsh, a former Federal Reserve governor advising the transition team on policy, has also been floated for a position and remains a candidate to be the next Treasury secretary. Tennessee Senator Bill Hagerty is also in the mix and recently travelled with Trump to a SpaceX rocket launch in Texas hosted by Elon Musk.
The US Securities and Exchange Commission announced that chair Gary Gensler will depart the agency on January 20 2025. Gensler implemented reforms to enhance efficiency, resiliency, and integrity in US capital markets; and during his tenure the agency held wrongdoers accountable and returned billions to harmed investors. He was formerly chair of the US Commodity Futures Trading Commission, leading reform of the $400 trillion swaps market. Earlier in his career, Chair Gensler worked at Goldman Sachs, where he became a partner in the Mergers & Acquisition department, headed the firm’s Media Group, led fixed income & currency trading in Asia, and was co-head of Finance, responsible for the firm’s worldwide Controllers and Treasury efforts.
Former SEC chair Jay Clayton meanwhile will serve as US attorney for SDNY, reports The Hill. The role is considered by legal experts to be one of the most powerful positions in the Justice Department. “Jay is a highly respected business leader, counsel, and public servant,” Trump wrote on Truth Social, listing off Clayton’s educational and professional accolades. A registered independent, Clayton began leading the SEC in May 2017, following his nomination to the post in January when Trump first took office. He was a partner at the law firm Sullivan & Cromwell in New York, specializing in major corporate mergers and acquisitions, before his time at the SEC and returned to the firm in 2021. His SEC tenure focused largely on forging bipartisan compromises around financial market structure updates, establishing the commission’s approach to cryptocurrency-related investment offerings and cementing rules for investment advisers.
Politico reported that FDIC chair Martin Gruenberg will resign Jan. 19. The decision averts what could have been a potential legal fight if Gruenberg were to stay and be immediately fired by Trump next year. President Joe Biden in June picked Christy Goldsmith Romero, a member of the Commodity Futures Trading Commission and former bank bailout watchdog, for the top FDIC job. But her nomination has languished in the Senate, despite a push from some progressives to get her confirmed in the lame duck session.
Euroclear appoints Jean-Mairet as group CFO
Euroclear announced the appointment of Nils Jean-Mairet as chief financial officer (CFO and become a member of the group’s Board of Directors. He succeeds Bernard Frenay who has been appointed to a newly established role as the CEO of European Assets. The move completes the composition of the group’s new Executive Committee.
Jean-Mairet joins Euroclear from McKinsey & Company where he was a senior partner, most recently leading the European Financial Services Principal Investors Practice. He brings a wealth of international corporate finance, strategy and M&A experience, as well as deep expertise engaging with investors. He also has intimate knowledge of Euroclear’s business and the broader financial market infrastructure sector.
Valérie Urbain, Euroclear group CEO, said in a statement: “As we continue to transform Euroclear, we will benefit from Nils’ broad financial services experience in strategy, corporate finance and transformations. I am equally pleased that this appointment finalizes the reshaped leadership team composition, so that we can now accelerate the execution of our strategic plans.”
SFT: SASLA appoints Govender as Collateral Forum chair
The South African Securities Lending Association (SASLA) has appointed Joshua Govender to chair the new South African Collateral Forum, reported Securities Finance Times. Based in Johannesburg, he is currently business development lead for Africa and the UK at VERMEG for Banking and Insurance Software. Govender brings over 20 years of experience in securities lending and collateral to his new role, including a 15-year tenure with HSBC, where he was most recently director of Prime Finance for South Africa.
WFE elects board members
The World Federation of Exchanges (WFE) elected seven directors to its board for a three year term. Those new directors are:
- Gilson Finkelsztain, CEO, B3
- Korkmaz Ergun, CEO, Borsa Istanbul
- Carlson Tong, chair, Hong Kong Exchanges & Clearing (HKEX)
- Julie Becker, CEO, Luxembourg Stock Exchange
- Ed Knight, executive vice chairman, Nasdaq
- Ashishkumar Chauhan, managing director & CEO, National Stock Exchange of India Ltd
- Khalid Al Hussan, CEO, Saudi Tadawul Group (STG)
Nandini Sukumar, CEO at the WFE, said in a statement: “The WFE welcomes the new members of the Board. Their deep experience and knowledge of the sector will be a great benefit to us as we continue to advance the development of fair, transparent, stable and efficient markets. We thank those who have served, and continue to serve the industry.”
Loh Boon Chye, WFE chair, said in a statement: “On behalf of the WFE Board of Directors, I extend a warm welcome to our new board members as we work with Nandini’s team to advance WFE’s mission to foster a transparent, collaborative and innovative ecosystem for global financial markets. Their input will be invaluable to the success of WFE’s priorities around governance, clearing, ESG, education and new technologies.”
New York Fed announces re-elected directors to board
The Federal Reserve Bank of New York announced that Scott Rechler, chairman and chief executive officer of RXR, has been reelected as a Class B Director representing Group 1, which consists of banks with capital and surplus of more than $2 billion. Rechler will serve a three-year term ending December 31, 2027.
RXR is a real estate investment manager, operator, and developer headquartered in New York City. Before starting RXR, Rechler served as the chair and CEO of Reckson Associates Realty Corp and as co-founder and board member of American Campus Communities.
Rechler serves as trustee and vice chair of the National September 11 Memorial and Museum and chair of the Feinstein Institute for Medical Research.
In addition, René Jones is reelected as a Class A director also representing Group 1. Jones will serve a three-year term ending December 31, 2027. He is chief executive officer and chair of M&T Bank, a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern US from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the US and abroad by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.
Before being named chair and CEO of M&T, Jones served as chief financial officer and as a vice chairman of M&T Bank. Prior to joining M&T, Jones worked at the Boston-based office of Ernst & Young before moving to a private equity firm.
Jones is vice chair of the Bank Policy Institute.
Class A Directors represent the member banks in the District and Class B Directors represent the interests of the public.
Liquidnet adds Ayesha Rasheed Boulware to West Coast team
Liquidnet announced the appointment of Ayesha Rasheed Boulware as senior trade coverage consultant. Based in San Francisco, she will provide primary account coverage for Liquidnet Members, with a focus on strengthening relationships and meeting the trading needs of clients across the West Coast.
Boulware joins Liquidnet with over 25 years of industry experience, including key roles at Portware, Tradebook, and Flextrade. She previously managed the West Coast region for ITG’s electronic products prior to its acquisition by Virtu, bringing a deep understanding of the electronic trading landscape in this market. Her appointment aligns with Liquidnet’s growth strategy in the US.
Ballow rejoins AnalytixInsight along with new advisors
Canadian fintech AnalytixInsight announced that John Ballow is rejoining the team, having been the original founder, investor, and CEO of CapitalCube before it was acquired and reformed into AnalytixInsight in July 2013.
Natalie Hirsch, interim CEO, said in a statement: “As the original innovator behind CapitalCube, John has always had a passion for fundamental analysis and research with a focus on generating efficiency across traditional investment analysis. John’s deep knowledge of the product and his extensive network, formed over 40 years in the business, will be invaluable as we expand CapitalCube and pursue new distribution channels and strategic partnerships.”
In addition, Valisha Graves has joined as a strategic & enterprise sales advisor, working alongside Ballow to approach prospective enterprise clients. Richard Greco rejoins as a strategic advisor, having previously served on the AnalytixInsight board from 2014 to 2016, when he was instrumental in establishing the company’s operations with MarketWall in Italy.