ISDA Makes Board Chairmanship a Full-Time Post
Stephen O’Connor, chairman, ISDA
The International Swaps and Derivatives Association’s board of directors has appointed Stephen O’Connor to an expanded, full-time chairmanship with a mandate to take a leading role in derivatives industry reform while “assuming a more active, hands-on involvement in driving ISDA’s strategic initiatives,” say ISDA officials.
A full-time chairman is needed to devote “more time and energy” to leading the association, ISDA officials say.O’Connor takes on the full-time post after serving as a member of its board since 2008 and as the chairman of the board since April 2011, ISDA officials say. During this time, he was a managing director for Morgan Stanley, which he joined in 1988. During his 25-year career with Morgan Stanley, O’Connor held senior positions in regulatory reform strategy, clearing and counterparty risk management.
ISE Adds Three to Its Board
U.S. options exchange the International Securities Exchange has added three members to its board of directors from the financial services industry and reelected Gary Katz, ISE’s current president and CEO to serve another one-year term on the board as a management director, say ISE officials.
The ISE has added the following industry directors: Patrick Hickey, head of market structure for proprietary market maker Optiver U.S., who was elected to the board as a director representing ISE’s competitive market makers; Elizabeth Martin of Goldman Sachs & Co., who was elected to represent the exchange’s electronic access members; and Slade Winchester of Citigroup, who previously represented electronic access members and competitive market makers on the board, was elected to serve in a new capacity as director on behalf of primary market makers. Each ISE exchange membership type is represented by two directors on the board who serve two-year terms, ISE officials say. Dennis Medvedsek of Knight Capital Group was appointed as CMM director to fill a vacancy, say ISE officials.
In addition, the ISE reelected to serve one-year terms as non-industry directors: Michael Monaco, senior managing director, Conway Del Genio Gries & Co.; Hauke Stars, chief information officer for Deutsche Börse; Joseph Stefanelli, retired; and Kenneth Vecchione, president and CEO, Encore Capital Group.
BNP Paribas Hires to Bolster OTC Clearing
BNP Paribas Corporate and Investment Banking (CIB) has made seven appointments to bolster its over-the-counter derivatives client clearing and FX prime brokerage businesses in New York and London, say BNP Paribas officials.
In London, BNP Paribas added to its fixed income client clearing sales team with Juha Sternberg from Morgan Stanley, where he was the senior salesperson on the FXPB team, say BNP Paribas officials. Prior to Morgan Stanley, Sternberg spent 11 years at JP Morgan in FXPB and OTC clearing. Giorgio Cali joins the London team from Barclays, where he spent three years as part of their sales effort across OTC clearing and FXPB, say BNP Paribas officials. These new staff members report to Marco Baggioli, head of client clearing sales in Europe and Asia.
For its client solutions team, BNP Paribas has hired Emma McGinty from JPMorgan’s legal team to head the FXPB client documentation, say BNP Paribas officials. McGinty previously focused on OTC clearing and intermediation, mostly for FX. Prior to JPMorgan, she was at RBS for four years.
BNP Paribas has also hired Muriel de la Fargue from JPMorgan to focus on supporting the firm’s client on-boarding efforts, say BNP Paribas officials. de la Fargue spent almost nine years in many middle office and client solutions roles across rates, credit and FX. McGinty and de la Fargue are based in London and report to Louisa Kwok, European head of client solutions.
Diane Marsden joins BNP Paribas from JP Morgan to lead the newly formed fixed income clearing middle office, say BNP Paribas officials. Mardsen spent 12 years in various P&L and control roles and most recently headed up the rates PB and client clearing team. Mardsen reports to Christophe Mukerjee, Global Head of Credit & Interest Rate Operations.
In addition, Grace Cole joins from Lamco Services, where she provided middle office support for the unwind of the Lehman Brothers derivatives portfolio, say BNP Paribas officials. Cole reports to Marsden. Prior to that, Cole had various middle offices roles at Deutsche Bank and Lehman Brothers.
For its New York staff, BNP Paribas has moved Pierre-Emmanuel Pomes from the risk investments and markets team to the OTC clearing product management team, say officials at the firm. Pomes, who was with the risk team for six years, will work to enhance the firm’s OTC clearing offerings to meet client requirements and client counterparty clearinghouse services, say BNP Paribas officials. Pomes reports to Joe Buthorn, global co-head of fixed income clearing, based in New York.
BI-SAM Expands in London
BI-SAM — a data management, performance, attribution, risk, composites and reporting solutions vendor — is expanding operations in London and moving to a new location, say company officials.
“Since the start of 2013, we have seen an increase of 33% in our UK customer base and we expect this trend to continue.” said Peter Ellis, general manager EMEA in a prepared statement. The vendor, which targets the global asset management industry, has doubled its UK-based account management team, and moved key product specialists from its head office to the expanded London office, Ellis says.
SmartStream Reaches Out to Russia via Alliance Factors
SmartStream Technologies is reaching out to the Russian market through a partnership with Alliance Factors, a financial services solutions provider and Swift service bureau, based in Russia, say SmartStream officials.
Alliance Factors specializes in business-to-business payments, back-office automation, compliance management and other STP-based solutions, say officials from both vendors. The collaboration is intended to help the Russian client base address STP-driven challenges in the back-office for reconciliations across all asset classes, cash and liquidity management, corporate actions and data management services.
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