In other news, CME Group, SEI & Tastytrade have executive shuffles, and FSB will serve as a forum for LIBOR transition concerns.
BNY & Aon to Focus on ESG Data & Analytics
The Bank of New York Mellon Corp. (BNY Mellon) and Aon are partnering to focus on the environmental, social, and governance (ESG) needs of clients by combining their respective ESG data and analytics capabilities and unique data sets, officials say.
The data and digital collaboration between the two is intended to yield “new solutions to address evolving client needs” as corporations, institutional asset managers, and investors are demanding more help with issues related to ESG, officials say.
Specifically, the new collaboration will focus on “enhanced data sets, advanced analytics, and actionable insights into ESG portfolio-level exposures,” officials say.
BNY Mellon and Aon officials add that this collaboration “will streamline Aon’s portfolio management and research process by enhancing net-zero reporting transparency. BNY Mellon and Aon are exploring opportunities to make Aon’s proprietary ESG fund ratings available to asset owners, allowing them to better understand how asset managers are incorporating ESG into their investments, operations and organizational processes to help make better-informed decisions.”
“As one of the world’s largest asset servicers … we have an exceptional view of ESG trends. This provides us with a unique vantage point to establish an ecosystem focused on ESG,” says Todd Gibbons, CEO of BNY Mellon, in a prepared statement.
CME Group Revamps Regional Leadership Structure
Derivatives exchanges company CME Group has announced a new regional leadership structure that supports a growing international business in Europe, Middle East and Africa (EMEA) and Asia Pacific, officials say.
“The new structure is designed to enhance the company’s ability to provide local expertise and globally relevant products and services that meet the diverse risk management needs of its clients around the world,” according to a CME Group statement.
The following list of executives appointed to new roles will report to Derek Sammann, senior managing director, global head of commodities, options and international markets at CME Group. William Knottenbelt, who serves as senior managing director, head of international, will retire by the end of this year.
The changes are:
- Michel Everaert, has been named managing director and head of EMEA, a new position based in London. Everaert joined CME Group in 2011 and most recently served as the company’s managing director and co-head of client development and sales (CD&S) for EMEA, officials say. His 30 years of experience in derivatives markets encompasses roles at IMEX Group, GFI Group, Logica, Reuters and Dow Jones;
- Russell Beattie will join CME Group in May as managing director and head of Asia Pacific. Beattie, who will be based in Singapore, has more than 25 years of experience in the listed and over-the-counter )OTC) derivatives markets. He most recently served as head of Asia-Pacific Derivatives Indexes for MSCI. He also held APAC leadership roles for Bank of America Securities, Barclays, Deutsche Bank and HSBC. He replaces Chris Fix who retired in March 2022; and
- Serge Marston has been appointed managing director and head of CD&S for EMEA, responsible for leading CME Group’s sales efforts in the region across both listed derivatives and cash markets. Marston will be based in London and will report to David Hartney, global head of CD&S. Marston joined CME Group in 2018 following the company’s acquisition of NEX Group and most recently served as co-head of CD&S for EMEA. Marston previously worked at Deutsche Bank for nearly 20 years where he held a variety of roles including Global Head of eCommerce sales.
Sammann says that CME Group has experienced “record volume growth in EMEA and Asia Pacific for each of the past 10 years,” which has led to 30 percent of the company’s revenue being generated from non-U.S. markets.
The organizational changes “elevate both the significance and opportunities that these regions represent to our overall business,” Sammann adds.
FSB to Serve As Forum for LIBOR Concerns
Financial Stability Board (FSB) officials are reminding financial services firms to “have plans in place to ensure their preparedness for the cessation of the USD LIBOR panel.”
In addition, the FSB’s Official Sector Steering Group (OSSG) will continue to serve as a forum this year and in 2023, facilitating cooperation among authorities “that have leading roles in interest rate benchmark reforms and transition preparedness,” officials say.
“The FSB welcomes the smooth transition to robust alternative rates across global markets, primarily overnight risk-free or nearly risk-free rates (RFRs). The absence of any significant market disruptions is a testament to the magnitude of market participants’ efforts and the level of attention from the regulators and industry bodies to support the transition to RFRs,” according to the FSB.
An FSB statement points out that “all GBP, EUR, CHF, and JPY LIBOR panels, as well as the 1-week and 2-month USD LIBOR settings, ceased as of end-2021. While key panel-based USD LIBOR settings will continue until end-June 2023, this is intended to support the run-off of a substantial portion of legacy contracts.”
Tastytrade Hires Securities Veteran for Expansion Strategies
Joe “JJ” Kinahan
Tastytrade, Inc., a part of IG Group Holdings, has hired industry veteran Joe (JJ) Kinahan, to take on the newly created roles of vice president and chief market strategist, officials say.
Tastytrade offers financial content about options trading and the stock market, trader education, and brokerage services via the brokerage firm tastyworks, Inc., which was established in 2017, officials say. Tastyworks is a registered broker-dealer and a member of FINRA, NFA and SIPC, and tastyworks Australia Pty Ltd is an ASIC registered broker-dealer, officials say.
Most recently, Kinahan served as the chief market strategist and managing director of market structure strategy and client advocacy and managing director of trading platforms for TD Ameritrade, a subsidiary of Charles Schwab, officials say.
Kinahan’s role was effective as of April 11 and he will be based in Chicago.
“From his decades of experience at thinkorswim and TD Ameritrade, JJ has a significant experience scaling businesses from millions to billions of dollars in sales. He brings a broad industry network — particularly with U.S. regulators and policymakers,” says June Felix, global CEO, IG Group, in a prepared statement.
Kinahan “will also leverage his active trader expertise to help facilitate the development and delivery of innovative new offerings for retail investors as tastytrade’s market-leading online brokerage, tastyworks, and trading education platform continue to grow,” according to tastytrade.
“tasty’s ethos to disrupt the status quo and offer online trading to a broad audience of retail investors and traders was a huge attraction for me to join this team,” Kinahan says in a prepared statement.
SEI Names Ryan Hicke as Next CEO
Ryan Hicke
SEI has announced that Ryan Hicke, executive vice president and chief information officer, will become the company’s next CEO and a member of its board of directors, effective June 1, 2022, officials say. SEI’s chairman and founder Alfred P. West, Jr. will become executive chairman.
“The executive management team, currently reporting to West, will report to Hicke effective June 1,” according to SEI.
Over his 24-year career at SEI, Hicke has held senior leadership positions across the key areas of SEI investments, operations, and technology. He also helped create and execute SEI’s business strategy.
“Hicke previously served as a senior vice president, leading SEI’s U.K. Asset Management and private banking businesses,” officials say. “As chief information officer, he is responsible for SEI’s information technology strategy and execution, the company’s U.S. investment operations, and leading SEI Sphere, a new business initiative in cyber and data protection services.”
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