Fidelity appoints Tak Yuen for Agency Trade Lending
Fidelity announced that Tak Yuen has joined the team as a senior associate of Agency Trade Lending in the capital markets division. In this role, Yuen will spearhead strategic initiatives to further the growth of the agency lending business with a primary focus in the Asia-Pacific markets.
He will be responsible for the management and daily trading of the Asian equity book of business during local market hours, with the aim to broaden the existing distribution channel and open new opportunities in the Asian region. His prior background and extensive experience within the product line serves Fidelity Agency Lending well as the firm expand its client supply, collateral, and borrower entity footprints globally.
Yuen joins Fidelity from eSecLending, where he had a long-standing career, spending 17 years working across multiple groups in operations and recalls. In his most recent position as vice president of Asian Equities Trading, Yuen solely launched the trading desk serving clients and borrowers in that region for the past eight years.
Broadridge hires new sales director for capital markets in Northern Europe
Broadridge announced the appointment of Emer Mulholland in the role of sales director for capital markets in Northern Europe, responsible for driving sales and coordinating significant global relationships that cross multiple business lines.
Based in London, Mulholland will work on accelerating Broadridge’s provision of its leading trading and post-trade technologies specifically for the UK and Irish markets. She has over 20 years of experience within the financial services sector working for companies including Ireland- based IT consultancy Version 1, Refinitiv, Louis Capital Markets and GFI Group.
Eckermann steps in as new CEO of Clearstream Banking AG, Henkelmann appointed to board
Clearstream announced that Berthold Kracke is stepping down as CEO and will leave the executive board of Clearstream Banking AG. Stephanie Eckermann will succeed him as the new CEO of Clearstream Banking AG and lead the company’s strategy in this role. Kracke will continue to lead Clearstream Global Operations as his primary task.
Furthermore, Udo Henkelmann has been appointed to the board of Clearstream Banking AG as chief risk and control officer. Earlier this year, Henkelmann took over the role as the chief representative for Clearstream Banking AG and in this role, he is leading the Control Function of Clearstream Banking AG which includes Compliance, Risk Management, Information Security, Control Assurance & Monitoring and Outsourcing & Contract Management.
LME Clear welcomes new board chair
LME Clear announced the appointment of David Warren as board chair, effective 20 July 2023. He will succeed Marco Strimer, who will step down having reached the end of his term.
Warren has over 30 years’ experience in financial services and considerable expertise in global financial markets infrastructure and regulation, having served as chief financial officer (CFO) and interim chief executive of the London Stock Exchange Group, as CFO and senior advisor at NASDAQ and as a non-executive director of LCH Group Holdings Ltd.
Outgoing Chair of the LME Clear Board, Marco Strimer, will stay on as a director until the end of the year to support David’s transition into the role.
Warren said in a statement: “While recent years have presented challenges for the metals industry as a whole and for LME Clear, I believe that LME Clear is a vital and critical component of the industry and the market and that it will play a key role in supporting its global customers in the years ahead.”
Laura Cha, LME non-executive director and HKEX group chair, said in a statement: “On behalf of the HKEX Group I would like to thank Marco for his committed leadership as independent director and chairman of LME Clear. Marco joined the Board at the inception of LME Clear in 2013 and has strongly influenced the successful development and management of the business. We are very grateful for his strong stewardship, especially over the last year and are delighted he will stay on the LME Clear Board until December 2023 to ensure a smooth handover to David Warren. I would too like to extend a very warm welcome to David, his deep knowledge of capital markets and infrastructure will be invaluable to LME Clear as it continues to develop in the years ahead.”
SFT: HSBC appoints Isherwood as securities lending trader
HSBC hired Jon Isherwood in the role of securities lending trader. He will report to Alex Jeffcoate, head of EMEA trading, agency securities lending. He was previously an equity finance trader at BNP Paribas between 2013 and 2022, and has also had stints with RBS and BNY Mellon.
SFT: Garritt leaves RMA
Fran Garritt departed from his position as director for securities lending and market risk at the Risk Management Association (RMA). As a well-known representative of the RMA, Garritt dedicated more than two decades to the Association. He spent the past 14 years focused on market risk and securities lending.
His role included all aspects of securities lending and regulatory outreach. In terms of market risk, functions revolve around all aspects of funding and traded market risk, counterparty risk, collateral management, model risk and country risk.
During his time with the Association, Garritt has been a driver behind the RMA’s efforts to work with global regulators to better understand the securities finance and lending business and drive improved outcomes for members.