In other news, Vermeg works with Cassini, ABN Amro has an executive shuffle, S&P Global acquires, and a key law firm launches a regtech consultancy.
CFTC Appointee Has 20 Years of Diversity Experience
Tanisha Cole Edmonds
Tanisha Cole Edmonds has been appointed the CFTC’s first chief diversity officer and has been tasked with helping the agency advance diversity, equity, inclusion, and accessibility (DEIA) at all levels, officials say.
Edmonds, who reports to Rostin Behnam, chairman of the CFTC, will oversee the Office of Minority and Women Inclusion.
“I look forward to developing and implementing a bold, innovative DEIA strategy that delivers results, drives accountability and effectively communicates the chairman’s vision for DEIA as an enterprise strategy integral to achieving the CFTC’s mission,” Edmonds says in a statement.
Before joining the CFTC, Edmonds served as a senior executive at the U.S. Department of Interior as the deputy director for the Office of Diversity, Inclusion and Civil Rights and as a labor and employment law attorney for the U.S. Postal Service and as a technical advisor for the U.S. Secret Service.
She also served as the first technical consultant to senior leadership and as a liaison between the Office of Chief Counsel, Office of Human Resources and the Office of Equal Opportunity, officials say.
Edmonds began her career as an attorney at the Washington, D.C. boutique law firm Passman & Kaplan, P.C. “where she litigated employment discrimination complaints before the Equal Employment Opportunity Commission, Merit Systems Protection Board, and the U.S. District Court for the District of Columbia,” according to the CFTC.
“She brings a wealth of experience in developing workplace diversity, equity, inclusion and accessibility strategies,” Behnam says in a prepared statement. “As I noted back in 2019 as a commissioner, hiring data shows the CFTC continues to fall short on this critical commitment, specifically when it comes to management level job opportunities. This may be undermining the success of the agency and its individual employees, and it needs to change.”
Vermeg Suite Adds Margin Analytics from Cassini
Vermeg, a banking, capital markets, insurance, and digital software solutions vendor, has integrated its Colline collateral suite with the margin analytics platform of Cassini Systems, a pre- and post-trade margin and collateral analytics vendor for derivatives markets, officials say.
The addition is intended to give Vermeg clients a tool “for achieving cost efficiencies and helping to meet [the September 2022] requirements of the Uncleared Margin Rules (UMR),” according to Vermeg officials. The UMR deadlines require financial service firms to comply with initial margin (IM) requirements for uncleared over-the-counter (OTC) derivatives, exchange-traded derivatives (futures and options), repo and securities lending, and prime brokerage.
The integration includes Cassini’s Standard Initial Margin Model (SIMM) and standard approach calculation service at pre- and post-trade and margin methodologies of exchanges, central counterparties (CCPs) and prime brokers providing firms full transparency across all asset classes, officials say.
ABN Amro Chief Innovation & Technology Officer Departs
Christian Bornfeld
The chief innovation and technology officer at ABN Amro will leave the bank on May 1, 2022, officials report.
Christian Bornfeld, the departing CI&TO, “has accepted a position closer to his home and family in Denmark,” according to the bank’s statement, which also notes that the “process of finding a new CI&TO has been initiated.”
Bornfeld says in a statement: “It is with mixed emotions that I will be saying goodbye in a few months. I have immensely enjoyed working with all my colleagues at ABN AMRO and would like to thank them for that. The passion, professionalism and expertise at ABN AMRO are exceptional.” — L.Ch
S&P Global Acquires The Climate Service
S&P Global has bought The Climate Service, Inc., which was founded in 2017.
The Climate Service is based in Durham, North Carolina, and specializes in providing environmental, social and governance (ESG) data.
“Through this acquisition, S&P Global will be able to offer its clients even more transparent, robust and comprehensive climate data, models and analytics,” the financial data and analytics provider says in a statement, which notes that “The Climate Service, Inc. has developed an application for physical climate risk analytics for corporates, investors and governments.”
The application “quantifies climate risk,” modeling “physical risk, including extreme temperatures, drought, wildfire, coastal flooding, cyclone, and water stress, while also supporting clients with intelligence regarding transition risks including changing legal, regulatory, and market conditions.”
Evercore acted as financial advisors and Cahill Gordon & Reindel LLP acted as legal advisors to S&P Global, per the statement. — L.Ch
Nelson Mullins Launches Regulatory & Compliance Consultancy
Nelson Mullins Riley & Scarborough LLP reports that it has launched Assureg, a compliance and regulatory consulting division “providing clients with tailored, bespoke compliance solutions overseen by the firm’s attorneys.”
The new division’s name stands for Assurance + Regulation, according to a statement.
Based in Columbia, South Carolina, the law firm adds that Assureg “complements the firm’s offering of traditional legal services and provides attorney-driven compliance and regulatory advisory services to C-suite executives, general counsels, senior management, and compliance professionals in the financial services and FinTech industries. Assureg’s mission is to provide the industry with practical, actionable advice in regulatory matters with the much-needed protection of attorney-client privilege and competitive, flexible pricing.”
Anastasia D. Stull
Assureg’s executive director is Anastasia D. Stull.
The Assureg executive leadership group also includes Dowse Bradwell (“Brad”) Rustin, IV, partner and chair of Nelson Mullins’ financial services regulatory practice, and partners J. Brennan Ryan and Craig Nazzarro.
Nelson Mullins was established formed in 1897. It has more than 800 attorneys and government relations professionals with offices in 11 states and Washington, D.C., according to the firm’s statement. — L.Ch
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