Cutrone to Retire from Omgeo
Lee J. Cutrone, former managing director, industry relations, Omgeo
Lee J. Cutrone, managing director, industry relations at Omgeo, will be retiring at the end of this month, confirm official as the post-trade services provider. “He will be thoroughly missed—it is the end of an era,” says a spokesperson for Omgeo.
Cutrone has been serving as a liaison between Omgeo and clients, global advisory boards and working parties, regulators, depositories and industry groups. Cutrone is also a member of the executive team. He has also been serving on SIFMA’s Cross-Border and Asset Managers Forum Steering committees. Previously, he was as an advisor to the Securities Industry Association’s (SIA) Straight-Through Processing (STP) Steering Committee and the SIA’s Institutional Transaction Processing Sub- Committee (ITPC), and T+1 Business Case RFP sub-committee.
Before Omgeo, Cutrone held a similar position at Thomson Financial ESG, which, with the DTCC, formed Omgeo as a joint venture in 2001. Prior to Thomson Financial ESG, Cutrone was senior vice president of the securities division at the former American Stock Exchange (AMEX); he also served in several executive positions at AMEX since 1975. He also held positions at Stone & Webster Securities Corp. from 1973 to 1974 and Merrill Lynch, Pierce, Fenner & Smith, Inc. from 1971 to 1973.
Steve Sloan Leaves J.P. Morgan and Joins DTCC
Steve Sloan, director, product management, DTCC
Industry veteran Steve Sloan reports that he has left J.P. Morgan Worldwide Securities Services(WSS) and joined the DTCC as director, product management. He will be assisting the DTCC in its reengineering initiative for corporate actions reporting. The Dallas, Texas-based Sloan started with the DTCC earlier this month.
Sloan worked for J.P. Morgan for more than 22 years, holding the positions of vice president and product manager.
Sloan’s work at J.P. Morgan included a pilot program testing the DTCC’s new ISO 20022 corporate actions announcements when he was asset servicing product manager for the bank.The pilot tested all event types for corporate actions announcements, including dividends, principal and interest, redemptions, and reorganization events such as tender offers, stock splits and warrants, using the new ISO 20022 announcement messages and user interface.
“We’re strong believers in implementing best practice in the market place and that’s why we wanted to participate in this test pilot,” Sloan said in April 2011. “This pilot will help DTCC implement best practice for the corporate actions market, which will ultimately benefit all market participants by boosting efficiencies and reducing risk.”
Officials at J.P. Morgan and the DTCC were unavailable for comment by deadline.
S&P Capital IQ Hires Seven Analysts
S&P Capital IQ, a vendor of global multi-asset class data solutions, market research and portfolio risk analytics, has hired seven equity analysts for its New York, London, Singapore, and Kuala Lumpur offices, officials say.
Three of the equity analysts, Robert Dezego, Eric Hugel, and Westcott Rochette, are based in New York. Dezego was most recently a vice president with SunTrust Robinson Humphrey and joins S&P Capital IQ as an integrated telecom services equity analyst. Hugel was most recently a managing director at Stephens and joins S&P Capital IQ as an aerospace and defense equity analyst. Rochette, a CFA, was most recently an equity analyst with Kacela Capital. He joins S&P Capital IQ as an advertising and publishing equity analyst.
In London, Roderick Bridge joins S&P Capital IQ as an autos and automotive supplies equity analyst and Unai Franco joins as a capital goods equity analyst. Bridge was most recently an equity analyst with Evolution Securities. Franco was most recently an equity research vice president at Bank of America Merrill Lynch.
Chok Wai Lee, CFA, joins S&P Capital IQ as a real estate and consumer staples equity analyst in Singapore. He previously worked as a fund manager in Malaysia and Singapore and as a senior equity analyst with Standard & Poor’s. Benjamin Lee joins S&P Capital IQ as an infrastructure and building materials equity analyst in Kuala Lumpur, Malaysia. He served as a sell side analyst at ECM Libra Investment Bank Berhad, now merged with Kenanga Investment Bank Berhad.
E&Y Expands Financial Services Transfer Pricing Group
Ernst & Young has added Stan Hales and Andy Martyn to the firm’s Financial Services Office (FSO) Transfer Pricing practice, officials say. Hales and Martyn will provide clients with services relating to transfer pricing, controversy and tax-related valuation issues in the financial services industry.
Hales joins Ernst & Young from PricewaterhouseCoopers, where he led financial services transfer pricing on the West Coast of the US, officials say. Martyn joins from Deloitte where he helped oversee its global financial services transfer pricing practice.
In addition to his experience with Deloitte, Martyn led the International Financial Services Group at HM Revenue and Customs, where he concluded some of the most significant transfer pricing settlements and produced the rewritten permanent establishment investment manager exemption tax rules governing offshore funds with UK investment managers, officials say.
NRI Opens Office in Luxembourg
Nomura Research Institute (NRI) has opened a Luxembourg office—Nomura Research Institute Europe Ltd. Luxembourg Branch, officials say. The new office will provide consulting and financial solutions with a focus on support for fund service providers and buy-side institutions in Europe.
“With enhanced regulatory demands in the European market, financial institutions have a greater need for operational efficiency and support,” said Koji Hashimoto, President, NRI Europe. “Our clients in this region will benefit from the added on-the-ground support and local access to our global compliance expertise.”
Two European Clearing Houses to Merge
Europe’s two largest cash equities clearing houses European Multilateral Clearing Facility (EMCF) and EuroCCP have announced plans to merge to form a new central counterparty clearing (CCP) firm intended to deliver greater efficiencies to the pan-European marketplace, officials say. The combined firm will provide best practices for risk management, technology, settlement and client service.
The current owners of EMCF—ABN AMRO Clearing Bank and NASDAQ OMX—and current owner of EuroCCP—the DTCC—along with BATS Chi-X Europe, have entered into a memorandum of understanding to become equal shareholders in the new combined clearing house, officials say. The completion of the transaction depends upon regulatory approvals.
The new CCP will use the risk management framework and customer-service organization of EuroCCP, and it will run on the technology and operations infrastructure of EMCF, officials say. The new entity, to be called EuroCCP, is planned to be headquartered in Amsterdam, with client-facing functions located in London and Nordic coverage provided from Stockholm.
The future shareholders intend to appoint Diana Chan, CEO, EuroCCP as CEO of the merged entity and Jan Booij, CEO, EMCF as chief operating officer (COO) of the new entity, subject to regulatory approval, say officials.
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