People moves round-up: Balyasny AM, Clear Street, HQLAX, Ingalls & Snyder, J.P. Morgan, MarketAxess, PASLA, State Street

PASLA appoints Stephen Howard as first CEO

The Pan Asia Securities Lending Association (PASLA) announced the appointment of Stephen Howard as its first chief executive officer. He will be responsible for establishing and implementing PASLA’s engagement strategy with regulators, exchanges and other key stakeholders across Asia Pacific and advocating for the Association’s members. He will be based in Hong Kong and report directly to PASLA’s Board.

Jason Wells, PASLA chair, said in a statement: “His senior-level industry experience, deep understanding of securities finance in Asia Pacific and extensive global network will be immensely valuable to PASLA. I look forward to working with him to strengthen our relationships with regional regulators and exchanges as we advocate for the implementation of best practices across the Asia Pacific markets.”

Howard has worked in banking and securities markets for nearly 30 years and has extensive trading and management experience in sell-side and buy-side businesses. Howard is the founder of a financial markets consultancy with a focus on equity derivatives and prime finance and an expert witness. From 2020 to 2022, he was a member on the Advisory Board of The Sydney Stock Exchange. Before that, he was the head of Trading and Portfolio Manager at Enhanced Investment Products, an Asia ex-Japan hedge fund, from 2014 to 2017. He has 20 years of experience working on the sell-side, building and managing the Asia Pacific trading business at NatWest Markets, ABN AMRO Bank and J.P. Morgan respectively.

Howard said in a statement: “As a member of PASLA in the earlier days of the Association, I am impressed to see how much has been achieved over the past 28 years. It is an exciting time to be given the opportunity to lead the Association in my new capacity. Asia Pacific is undergoing a crucial period as capital markets gradually normalize post-pandemic. Our aim is to ensure that PASLA continues to play an integral role in promoting open, transparent and efficient securities lending across Asia Pacific, and support the growth of the broader equity markets across the region, and global participation in them.”

Clear Street appoints expands leadership team across divisions

Clear Street announced the appointment of Steve Bisgay as chief financial officer, with additional focus on corporate development and investor relations. He will report to Chris Pento, Clear Street’s co-founder and CEO. Bisgay succeeds Jacob Asbury, who will help with the transition and remain with the company in a consulting capacity.

“Steve brings a wealth of experience and a proven track record in financial leadership, having successfully led public company finance teams at Cantor Fitzgerald and KCG Holdings. His insights, strategic thinking, and strong financial acumen will undoubtedly contribute to our firm’s continued growth,” Pento said in a statement.

Bisgay brings more than three decades of financial experience to Clear Street, including most recently as executive managing director and CFO at Cantor Fitzgerald. He previously held senior finance leadership roles at BGC Partners, KCG Holdings, Knight Capital Group, and PwC.

“Clear Street is uniquely positioned to provide our broad range of clients with technology-driven solutions that can enhance their business goals,” said Bisgay. “I look forward to building on our strong $700 million capital base, growing our operational foundation, and broadening Clear Street’s platform and services.”

Clear Street has further expanded its senior leadership team with the addition of the following industry experts:

  • Ursula Clay as chief compliance officer (CCO) and managing director for Clear Street Derivatives: Clay brings more than 30 years of experience, most recently as managing director and CCO at Nearwater Capital. She previously served in senior compliance roles at FINRA, Morgan Stanley, Barclays, and Exos Securities, practiced securities litigation at Bressler, Amery & Ross, and managed her own swap dealer consulting business. Clay reports to Pat Travers, CEO, Clear Street Derivatives.
  • Brent Posner as chief operating officer for Clear Street Futures: Posner is a seasoned COO with over 20 years of experience in senior executive management positions at multi-asset class global financial services companies. Before joining Clear Street, he was Senior Vice President and COO, ED&F Man Capital Markets. Posner reports to Chris Smith, CEO, Clear Street Futures.

Balyasny Asset Management names new associate director of Equity Finance Trading 

Balyasny Asset Management has appointed Harrison Chesterton as associate director within its equity finance trading division, according to The TRADE. According to an update on his social media, Chesterton joins Balyasny from Capstone Investment Advisors after nearly a year and a half, most recently serving as vice president, portfolio finance and treasury trading. Before joining Captsone Investment Advisors, Chesterton spent almost eight years at Barclays Corporate and Investment Bank.

Ingalls & Snyder hires Losurdo to lead new seclending unit

Ingalls & Snyder announced it’s hired Jerry Losurdo to lead  a new business unit that will provide securities lending services to institutions, high net worth investors and other professionals in the industry.

Losurdo joins Ingalls from Siebert Financial, where he has co-headed its Securities Finance unit since 2020. He brings extensive experience to the position, having previously led securities finance groups at TD Prime Services, Albert Fried & Co., and Swiss American Securities.

He has recruited two other industry veterans – Joseph Lotito, from Mizuho Securities, and Stephen Tran, from TD Prime Services. Together, these three professionals bring over 60 years of combined experience in securities lending to Ingalls & Snyder.

Losurdo said in a statement: “Ingalls & Snyder has presented me with a unique opportunity to assemble a Securities Finance group within their prestigious firm. Ingalls has made a major commitment to this new business and we plan to be a first-rate provider in all aspects of Equity Finance.”

Ingalls & Snyder’s CEO, Bob Case, said in a statement: “We are excited that Jerry, Joe and Steve share our vision for creating a new, high-quality offering in this important area of financial services. The team will provide Ingalls & Snyder clients with value-added securities financing tailored to their needs.”

State Street appoints country head for India 

State Street Corporation announced that Arindam Banerrji has been appointed as the firm’s country head for India. In this role, Banerrji will lead the growth and transformation of State Street’s operations in the country. Based in Bengaluru, Mr. Banerrji will report to Lou Maiuri, president, chief operating officer, and head of Investment Services.

“India has been an epicenter for our delivery operations for nearly two decades and will continue to play an important role in supporting our clients globally,” said Maiuri in a statement. “Arindam’s significant depth and breadth of expertise, including diverse, cross-functional, and global experiences, coupled with his deep understanding of the financial services sector, will help us enable productivity and transformation across our operations in India.”

Banerrji joins State Street from Wells Fargo, where he most recently served as the executive vice president and managing director for their operating centers in India and the Philippines. Prior to Wells Fargo, he held several leadership positions at Ernst & Young India, Deutsche Bank, J.P. Morgan, Larsen & Toubro, and Price Waterhouse. The appointment follows State Street’s recent moves to consolidate its operations in India.

HQLAX hires Qian Gong to lead corporate development and regulatory affairs

HQLAX has appointed Rebecca Qian Gong to lead the firm’s corporate development and regulatory affairs, according to SFT. Based in Luxembourg, Qian Gong will focus on corporate development activities across funding, investments and strategic partnerships to capture the next-stage of growth opportunities for the firm. She will also manage interactions with key stakeholders including global regulators.

Qian Gong joins HQLAX after a decade of serving in venture investing, fintech and strategic initiatives within financial services. Previously, she worked at DB1 Ventures, the corporate venture capital arm of Deutsche Börse, from 2016 to 2021, where she led the investment in HQLAX and served as an observer for its board.

Guido Stroemer, HQLAX CEO and chair, was cited by SFT as stating: “We recognize Rebecca’s experience and expertise as impactful add-ons to our team and our growth journey, as we advance our product offering suite and expand our jurisdictional reach.”

MarketAxess appoints Pavan

MarketAxess has appointed Neelan Pavan as technical product manager within its post-trade product team, according to SFT. Based in London, He joins from Pirum Systems, where he was product manager for fixed income and repo between 2017 and 2023. Previously, Pavan worked at Commerzbank AG between 2009 and 2015. Most recently, he served as assistant vice president for short-term interest rate and repo.

Pavan will report to Colleen Stapleton, product manager for MarketAxess Match, and Nick Moss, head of post-trade product management. Stapleton was cited in SFT as stating: “Neelan brings with him years of securities finance knowledge and product management experience…As the global market begins its journey in the direction of accelerated settlement, the need for a real-time, zero-touch solution is a must have in any firm’s playbook.”

Bond to take over as J.P. Morgan global head of Trading Services as Challice departs

Ben Challice is to depart from J.P. Morgan Chase after six years of service at the firm, according to SFT. Based in London, Challice is currently global head of Trading Services, securities finance. Industry sources indicate that Challice will take a break from the industry following his departure from J.P. Morgan.

Ed Bond will assume the role of global head of Trading Services following Challice’s departure. Bond has served at J.P. Morgan for the past decade, most recently positioned as APAC head of Trading Services in Hong Kong. He has worked in the UK, Australia, Singapore and Hong Kong during his career.

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