Ted Kaouk named CFTC’s first chief data & AI officer
The Commodity Futures Trading Commission (CFTC) chair Rostin Behnam announced the designation of Ted Kaouk as the agency’s first chief artificial intelligence officer. Kaouk currently serves as the CFTC’s chief data officer and director of the Division of Data.
In this newly expanded role as the CFTC’s chief data & artificial intelligence officer, Kaouk will be responsible for leading the development of the CFTC’s enterprise data and artificial intelligence strategy to further integrate the agency’s ongoing efforts to advance its data-driven capabilities.
“Enhanced data analytics and artificial intelligence have the potential to transform the CFTC’s long-term capabilities for oversight, surveillance, and enforcement in the derivatives markets. As one of my top priorities, the CFTC has been deeply engaged in efforts to deploy an enterprise data and artificial intelligence strategy to modernize staff skillsets, instill a data-driven culture, and begin to leverage the efficiencies of AI as an innovative financial markets regulator,” said chair Rostin Behnam, in a statement. “Ted has the requisite technical and leadership experience needed to lead and implement the CFTC’s data and AI roadmap at this critical stage to achieve the best outcomes for the CFTC and those it serves.”
Before joining the CFTC in December of 2023, Kaouk served as the chief data officer and responsible official for AI at the Office of Personnel Management (OPM), where he was responsible for developing the agency’s first federal government-wide human capital data strategy and data products, among other roles.
OCC announces director elections at annual meeting
OCC announced the election of two Class II Member Directors and a Class III Public Director, as well as the appointment of five Exchange Directors, to its Board. In addition, OCC announced the election of Andrej Bolkovic, OCC chief exec, as the management director.
The following Directors were unanimously elected as Class II Member Directors for the term ending in 2027: Maria Chiodi, managing director in the General Counsel department at Credit Suisse Securities USA, who’s been on the OCC Board since 2019; Faris Matalka, managing director at Charles Schwab, on the OCC Board since 2022.
Thomas Cardello was elected Class III Public Director for the term ending in 2027. He is a founding member at Venice Financial Management, and joined the OCC Board in 2015. He will continue to chair the Technology Committee.
In addition, the following Directors were unanimously appointed as Exchange directors: Roland Chai, president of European Market Services at Nasdaq; Meaghan Dugan, head of Options at New York Stock Exchange; Robert Hocking, senior vice president and global head of Product Innovation at Cboe Global Markets; Kevin Kennedy, executive vice president for North American Markets at Nasdaq; and Elizabeth King, global head of Clearing and chief regulatory officer at Intercontinental Exchange.
“We’re pleased to have these knowledgeable industry experts leading OCC’s Board, as their valuable contributions, insight and guidance enable us to continue to serve as the foundation for secure markets for our clearing members, participant exchanges and the greater investing public,” said Craig Donohue, chair of OCC Board of Directors, in a statement. “The high caliber of leadership represented on our Board demonstrates that OCC has the capabilities necessary to achieve our objectives while fulfilling our critical obligations.”
Cboe Clear Europe’s Patel to oversee US clearing
Cboe Global Markets announced plans to refocus its digital asset business to leverage its core strengths in derivatives, technology and product innovation while realizing operating efficiencies for both Cboe and its clients. These changes are being made as part of Cboe’s strategic review, taking into consideration the lack of regulatory clarity in the digital space, and are aligned with Cboe’s longer term strategy.
Cboe Clear Europe will continue to serve as the pan-European central clearing party (CCP) for Cboe’s European equities and derivatives exchanges across the EU, UK and Switzerland. Vikesh Patel, the current president of Cboe Clear Europe, will now also oversee US clearing.
Cboe plans to transition and fully integrate its digital asset derivatives, currently offered by Cboe Digital, into its existing Global Derivatives and Clearing businesses. This move is expected to create efficiencies for Cboe and clients, while enabling Cboe to harness the power of its broader global derivatives franchise and global technology platform to support and fuel growth of the exchange-traded digital asset derivatives market.
Additionally, the company plans to wind down operations of the Cboe Digital Spot Market, the company’s spot digital asset trading platform, in the third quarter of 2024. John Palmer, president of Cboe Digital, will become head of US Derivatives Market Development, under the leadership of Cathy Clay, EVP and head of Global Derivatives. Cboe plans to transition its cash-settled bitcoin and ether futures contracts, currently available for trading on the Cboe Digital Exchange to the Cboe Futures Exchange (CFE) in the first half of 2025
“Refocusing our digital asset business enables us to refine our strategy, leveraging our core strengths in derivatives, technology excellence and product innovation to help maximize opportunities for our business and deliver efficiencies for Cboe and our clients,” said Fred Tomczyk, CEO of Cboe Global Markets, in a statement. “We believe these changes enable greater optimization and strategic alignment for our business across geographies and asset classes, further supporting our long-term growth strategy.”
“Bringing digital asset derivatives and clearing into our existing business lines enables us to leverage the full breadth of our global derivatives team and unlock the full value of Cboe to our clients around the world,” said David Howson, global president of Cboe, in a statement. “We expect to continue to see greater demand for exchange-traded derivatives to help manage crypto exposures, hedge risk and enhance capital and operational efficiencies. Optimizing our derivatives and clearing business operations and product development across borders and asset classes enables us to better serve our diverse client base and sharpen our strategic focus.”
HSBC Group CEO Noel Quinn to retire
HSBC announced that Group chief exec Noel Quinn has informed the Board of his intention to retire from the bank after nearly five years in the role. As Group CEO, Quinn has overseen a successful transformation of the bank. During his tenure HSBC has delivered record profits and the strongest returns in over a decade. He has successfully simplified and focused the bank, most recently with the sale of the Canada and Argentina operations and built a leading position on sustainability.
HSBC chair Mark Tucker said in a statement: “The Board would like to pay tribute to Noel’s leadership of the company. Noel has had a long and distinguished 37-year career at the Bank and we are very grateful for his significant contribution to the Group over many years. He has driven both our transformation strategy and created a simpler, more focused business that delivers higher returns. The bank is in a strong position as it enters the next phase of development and growth.”
Quinn said in a statement: “It has been a privilege to lead HSBC. I never imagined when I started 37 years ago that I would have the honour of becoming Group chief executive of this great bank. I am proud of what we have achieved, and it has only been possible because of the talent, dedication, and commitment of the people at HSBC. I want to thank them wholeheartedly and wish them continued success for the next stage of the journey. After an intense five years, it is now the right time for me to get a better balance between my personal and business life. I intend to pursue a portfolio career going forward.”
The Board has begun a formal process to find a successor, considering both internal and external candidates. Quinn will continue as Group CEO during this process and ensure a smooth and orderly transition.
Clear Street appoints Ashley DeSimone as CMO
Clear Street announced the appointment of Ashley DeSimone as the firm’s chief marketing officer (CMO). She will be responsible for shaping Clear Street’s branding, public relations, and marketing strategy. DeSimone joins Clear Street after a cumulative 14 years at ICR, one of the largest strategic communications firms, where she led programs for private and public companies across the Technology, Media, and Telecommunications (TMT) space. She began her career as a sell side equity analyst covering the Media, Advertising & Marketing Services sector.
ISSA appoints S&P Global Market Intelligence’s Ankush Zutshi to its Board
The International Securities Services Association (ISSA) announced that Ankush Zutshi will be appointed to the Board. Zutshi is a managing director at S&P Global Market Intelligence where he heads the Corporate Actions and Securities Processing business. This encompasses a suite of enterprise technology solutions and managed services for corporate actions, custody, asset servicing and post-trade securities processing.
Zutshi leads the global teams that are responsible for the commercial, product and growth strategy of this business. He is also accountable for the business development and product management functions, as well as consulting in large-scale business and technology transformation projects. With an engineering degree, Ankush has 22+ years’ experience in business strategy, product management and delivery of platforms and services in the post-trade space and works with global firms across capital market segments, providing strategic consulting on operating models and technology landscape transformation.
Vicky Kyproglou, ISSA chair, said in a statement: “Ankush has a long history of active participation in ISSA Working Groups and has contributed widely to the success of ISSA over the last decade. He will be an asset to the Board.”
Zutshi said: “I have worked closely with ISSA throughout my career and saw their direct impact in advancing our industry. It’s an honour to contribute my expertise from S&P Global Market Intelligence and work together with the ISSA Board and management team to shape the future of Securities Services.”
Dan Burke joins MarketAxess as global head of Emerging Markets
MarketAxess announced the appointment of Dan Burke as global head of Emerging Markets (EM), a role in which he will be responsible for the development and execution of business strategy for the EM business in both hard currency and local markets. Based in London, Burke will lead business and product management expansion of the company’s EM trading business across geographies and products.
Burke most recently served as managing director at Standard Chartered in Singapore and London in his role as global head of Electronic and Algo Trading. During his time there, he played a strategic role in the automation of the firm’s credit offering and entry into algorithmic market making and portfolio trading. Prior to joining Standard Chartered, Burke held several senior credit trading roles at Deutsche Bank in Singapore and Bank of America Merrill Lynch in Tokyo and Hong Kong.
Raj Paranandi, chief operating officer for EMEA & APAC at MarketAxess and Burke’s direct report, said in a statement, “Dan brings a wealth of Emerging Markets experience and a valuable dealer perspective to MarketAxess at a time when adoption of and appetite for electronification of the asset class has grown significantly. There is still much more that MarketAxess can and will do to drive greater liquidity and efficiency for both investors and dealers internationally.”
“I’m delighted to be joining MarketAxess, a leading solution for Emerging Markets trading, and a platform that I have been a client of for over 20 years. MarketAxess is well positioned to accelerate the delivery of innovative solutions in Emerging Markets globally, and I look forward to partnering with all market participants to take our offering to the next level,” said Burke.
The MarketAxess EM trading solution serves over 1,600 market participants in over 120 countries. Recent investments include the expansion of Open Trading for Emerging Markets local currency bonds, growth of Request-for-Market to support larger EM trades, and new country-specific protocols like Casada in Brazil. MarketAxess reported record EM average daily volume of $3.6 billion, up 17.3%, in the first quarter of 2024.
SFT: People moves for BNP Paribas, CIBC, Fidelity Prime, FNZ, and Provable Markets
At wealth management platform FNZ, Linda Benzi has been appointed to lead securities lending based in New York. In her new role, she will be working on the launch of the firm’s clearing broker-dealer, as well as building out a securities lending desk. She joins the firm from a managing director position at Think Alpha Securities and previously was head of securities lending trading at E*TRADE.
BNP Paribas appointed Anna de Winton as securities lending product manager, making a step up from her previous role at the firm as VP. She’s held various roles at Silicon Valley Bank and Bank of England and has also been a chair on the Regulatory Steering Group of the International Securities Lending Association (ISLA) since 2022.
Halima Butt departed from her role as chief operating officer at Provable Markets. Commenting via LinkedIn, Butt was cited by SFT as stating: “With 18 years of extensive experience in finance and hitting the magical milestone of 40, I’m excited to once again break out of my comfort zone and tackle fresh challenges head-on.”
Jeff Cantafio joined Fidelity Prime Services as vice president of business consulting based in New York and reporting to James Coughlin, senior vice president of Prime Services. His role will include developing launch plans for startup hedge funds and introducing third party service providers such as legal counsel, fund administrators, compliance consultants and technology solutions.
Rob Ferguson will be retiring from CIBC after more than 35 years in the financial industry, including a 28-year term with CIBC Mellon. Ferguson joined CIBC Mellon at the beginning of the joint venture between the Canadian Imperial Bank of Commerce and the Mellon Financial Corporation, originally as a client service manager in securities lending. CIBC Mellon CEO Mal Cullen said as cited by SFT: “On behalf of the leadership team and all colleagues at CIBC Mellon, I would like to thank Rob for his contributions to our organisation. He will be missed and I wish him all the best in retirement where I’m sure he will enjoy time with his family and lots more hiking, travelling and photography.”
CaixaBank’s Juan Bernal is named new group chief investment officer at MAPFRE
MAPFRE announced the appointment of Juan Bernal as group chief investment officer. He began his professional career at Banco Santander Central Hispano and has been working at CaixaBank since 2012. Most recently, he held the position of general manager of CaixaBank Asset Management, among other roles. Since 2019, he has served as chairman of SpainNAB, the leading impact investment association in Spain, and is also a member of the Global Steering Group for Impact Investing (GSG).
MAPFRE manages more than €50 billion with three main management centers located in Madrid, Boston and Sao Paulo. Bernal has more than 25 years of experience in financial markets, having headed asset management, private banking and personal banking in numerous financial institutions in Spain.
Xceptor advances APAC growth plans with appointment of Keith Man as GM
Xceptor announced the appointment of Keith Man as general manager (GM) for Asia Pacific (APAC), based in Singapore. Man will play a critical role in driving client success, as well as strategic partnerships and alliances in the region. He will also have responsibility for expanding Xceptor’s sales, business development and operations in the region while advancing growth into new markets and segments. He was most recently head of APAC at Duco and has also held senior roles in Standard Chartered Bank and TriOptima (now OSTTRA).
“The APAC region is dynamic and has tremendous potential. We have made a strategic decision to continue investing in the APAC region to ensure we are well-positioned to serve our clients effectively. While we see some firms scaling back, we believe in the long-term growth potential of this market, and are delighted to welcome Keith to the Xceptor team as we embark on a new chapter of growth in this dynamic region,” said Michiel Verhoeven, CEO of Xceptor, in a statement.