David Nicol joins GLMX to spearhead commercial operations
GLMX announced that David Nicol has joined as head of Commercial Operations. Based in London, Nicol brings more than a decade of experience driving innovation and commercial growth in fintech business, and has served as commercial consultant.
Previously, he co-founded and served as CEO at LedgerEdge, an innovative corporate bond trading ecosystem. Before LedgerEdge, David led commercial and product success in digital market technology, as a Product Manager at R3, the digital finance technology firm. He will report to President and CRO, Sal Giglio.
“David Nicol is a tremendous addition to GLMX as the firm enters a significant stage of growth of its multi-product trading platform and expands into new geographic regions. In this role, David will build and manage essential commercial infrastructure to support data-driven decisions, and drive growth strategy, business operations, revenue management and risk mitigation,” said Sal Giglio, president and chief revenue officer at GLMX, in a statement.
Nicol said in a statement “Over the past six months, I have gotten to know the team at GLMX, the cutting-edge platform, and the dedicated customer base…Securities financing is an exciting and growing market, and our clients are redefining the space with the help of powerful GLMX technology.”
GLMX CEO and co-founder Glenn Havlicek said in a statement: “It is a dynamic time to be in front-end markets and an invigorating time to be working at GLMX as the firm has so many opportunities for growth. David’s experienced voice will be invaluable as we expand on our success in repo to adjacent products across the securities finance ecosystem.”
CME Group appoints ABN Amro’s Dennis to lead fixed income
CME Group announced the appointment of Mike Dennis as global head of Fixed Income. He will oversee the company’s largest, most actively traded global benchmark futures and options contracts on SOFR and US Treasuries, including the 30-year bond, 10-, 5- and 2-year notes that enable investors to manage risk across the entire U.S. yield curve.
He will also lead BrokerTec, the world’s most liquid electronic cash trading platform for US Treasury benchmarks, EU, UK and US Repo trading. Dennis will report to CME Group chair and CEO Terry Duffy and serve on the management team.
Tim McCourt will lead all the company’s other financial business lines including equity indexes, foreign exchange and cryptocurrency futures and options, as well as its EBS spot FX platform, as global head for Equities, FX, and Alternative Products. He will continue to serve on the company’s Management Team reporting to Duffy.
Duffy said in a statement: “We are extremely pleased to add the expertise of Mike Dennis, a long-time industry professional, to our leadership team to oversee our significant and growing interest rates business, which increased 14% in Q2. As a former trader himself, Mike’s deep trading, clearing and prime brokerage knowledge, as well as his hands-on markets experience, will bring a unique perspective to this role that will benefit our clients and our organization.”
“At the same time, we will continue to rely on Tim’s oversight of our other financial asset classes including equities, FX and crypto as those markets continue to expand to new users around the globe,” he added.
With 22 years of interest rate trading experience, Dennis joins CME Group from ABN AMRO Clearing in the US, where he served as principal, member of the management team, and chief commercial officer of ABN AMRO Clearing in the US, one of CME Group’s largest global futures clearing firms, since 2018.
During his tenure at ABN AMRO, Dennis helped the firm launch a fixed income clearing and repo initiative for cash Treasuries as a member of the Fixed Income Clearing Corporation (FICC). Prior to that, Dennis was director of Prime Brokerage and Clearing Services at Societe Generale. He also worked in clearing at Advantage Futures, served as an interest rate trader at Peak 6 Investments and acted as a market-maker in back-month Eurodollar futures and cash Treasuries for a proprietary trading firm in CME open outcry and electronic markets in the early 2000s.
Dennis began his career in 2002 in the Corporate Investment Banking Division of J.P. Morgan in Chicago. Additionally, he has served on several market oversight committees as a member and former member of the CME and CBOT exchanges, respectively.
BNY hires Nuveen’s Minaya to lead Investments and Wealth
BNY announced that Jose Minaya has been appointed global head of its Investment and Wealth division and will become a member of the Executive Committee. He reports to president and CEO, Robin Vince. This appointment follows Hanneke Smits’s decision to retire, who will continue in her current role until September 3, at which time she will transition to chair of BNY Investments through the end of 2024.
Minaya joins BNY from Nuveen, a leading global asset management firm with more than $1 trillion under management. Previously, he served as president and chief investment officer of Nuveen, responsible for overseeing all global operating and investment activities across equities, fixed income, real estate, private markets, natural resources, alternatives and responsible investments. He joined TIAA in 2004 as a fixed income portfolio manager after more than 10 years of investment experience at firms including AIG, Merrill Lynch and J.P. Morgan.
“I’d like to thank Hanneke for her leadership and am very pleased to welcome Jose, an investment veteran with decades of diversified experience leading a major asset manager,” said Vince in a statement. “BNY manages money, moves it and keeps it safe, and with the global wealth segment continuing to grow rapidly, we are uniquely poised to serve clients in the segment across the entire financial lifecycle. As we unite our top 15 global asset manager and our top 10 U.S. private bank, I believe Jose’s leadership will enable us to be more for our clients around the world.”
“I am delighted to join BNY, a historic institution with a legacy of helping clients achieve their ambitions and advancing the future of finance, and to lead a globally renowned asset management and wealth franchise with deep relationships around the world,” said Minaya.
SFT: Heath and Rennick take on new roles at J.P. Morgan
J.P. Morgan has appointed Simon Heath as global head of the agency securities finance. Based in London, he will be responsible for global trading, risk management, and buy-side relationship management, writes Securities Finance Times.
Heath has been working with J.P. Morgan since 2018, previously as global head of agency securities finance trading and EMEA head for agency securities finance. Before that, he served as managing director of securities finance at State Street for two and a half years, and as EMEA head of agency trading at Citi during his 11-year tenure with the firm.
In addition, J.P. Morgan has also selected George Rennick as global head of triparty, based in the firm’s New York office. Rennick has also been a part of the firm since 2018. He was previously managing director, head of agency securities finance, and global head of client relationships. During this time, he also became a board member of the International Securities Lending Association (ISLA) Americas.
Edward Tilly named Clear Street president
Clear Street announced that industry veteran Edward Tilly will be joining the firm as president after a decade-long tenure as CEO at CBOE Global Markets, where he oversaw and was instrumental in growing market capitalization from $2.0 billion to more than $18.0 billion.
He was the driving force behind transformative transactions such as the CBOE’s 2017 acquisition of BATS Global Markets, Inc. and innovative products like zero-days-to-expiration (0DTE) options, and brings to Clear Street a wealth of experience and a proven track record of success running a public company.
Tilly will work closely with Chris Pento, Clear Street’s CEO, as they lead Clear Street through the next phase of growth. Tilly will report to Clear Street’s Board of Directors.
Chris Pento, CEO of Clear Street, said in a statement: “We started Clear Street in 2018 with the mission to modernize the global capital markets and the brokerage ecosystem. Since then, we have accomplished a lot in a short amount of time. We have grown into a $2.1 billion company with a compelling growth story and financial profile. Our platform has enabled us to grow the topline at a CAGR of more than 50% in our core business, with that growth accelerating this year. The time is right for us to welcome Ed to the executive team as we continue to super-charge our growth plans and take Clear Street to the next level.”
“Having spent more than thirty years in the financial markets hyper-focused on innovation and accessibility, Clear Street has an exciting opportunity and I am looking forward to working with Chris and his team,” Tilly said in a statement.
Uri Cohen, chair and co-founder at Clear Street, said in a statement “Ed Tilly is, fundamentally, a seasoned capital markets entrepreneur, which makes him an excellent fit for Clear Street’s client-focused, innovative and disruptive offering. While at CBOE, he demonstrated his strategic vision and ability to drive sustainable growth in dynamic market environments.”
Clear Street has made a number of premier additions to its executive team over the past year, including former Goldman Sachs head of US Prime, Clearing, FCM and Counterparty Risk, Atul Pawar and Morgan Stanley’s former technology leader, Jon Daplyn.
BIS announces secretary general and Innovation Hub leadership appointments
- Véronique Sani appointed as secretary general and member of BIS Executive Committee
- Karmela Holtgreve appointed deputy head of the BIS Innovation Hub and head of Operations
- Miguel Díaz appointed deputy head of the BIS Innovation Hub and Head of Strategy
The Board of Directors of the Bank for International Settlements (BIS) announced the appointment of Véronique Sani as secretary general. Her appointment takes effect on 1 December 2024 and is for a five-year term. Her appointment fills the vacancy created by the retirement of Monica Ellis, who has been in the role since 2017.
In her new role, Sani will head the General Secretariat, one of the BIS’ four main departments. As a member of the BIS’ Executive Committee, she will play a key role contributing to the general management of the BIS and will have responsibility for the provision of corporate services within the BIS.
Sani is currently president of Advasio Consulting and was most recently chief operating officer of Natixis, the global financial services subsidiary of BPCE, the second largest banking group in France. In this role, she was responsible for the technology, operations, procurement, real estate and transformation strategy globally. She also serves as a board member and senior adviser of various companies. Prior to joining the BPCE group, she spent 16 years at Société Générale in senior leadership positions in India, New York and Paris, holding a number of global roles including chief executive officer of the Global Solutions Centre, global head of OTC Derivatives Operations and global head of Equity Derivatives Operations.
The BIS also announced two new senior leadership appointments in the BIS Innovation Hub. Karmela Holtgreve will be deputy head and head of Operations and Miguel Díaz will be deputy head and head of Strategy. Their appointments reflect the growth of the Innovation Hub, which in its first five years has expanded its global network to seven centers across the globe, fostering collaboration among public and private sector experts to support central banks and improve the functioning of the financial system.
Holtgreve is currently director general for Strategy and Innovation at the Deutsche Bundesbank. In this role, she is responsible for the overall transformation of the Bundesbank and is directly responsible for three main departments: innovation, transformation, and portfolio and strategy.
Díaz is currently the head of the BIS Innovation Hub’s Toronto Innovation Centre. In his current role, he is responsible for leading financial innovation projects and developing new technology to improve payments systems and financial market infrastructure. He was previously Payment Systems and Market Infrastructures general director at the Bank of Mexico.