In other People Moves, FlexTrade names the head of FX business development, a key player in the SEC’s exam program departs, and Behnam is sworn in as CFTC Commissioner.
Former Co-CEO to Oversee Special BGC Projects
BGC Partners, an interdealer broker and technology provider, has appointed Shawn McLoughlin as CEO of BGC Financial for the Americas region, effective immediately.
McLoughlin, who has been serving as an executive managing director and co-CEO of BGC Financial, Americas, with Lou Scotto “to define business strategy for new products and drive revenue growth in the North American market,” according to the BGC website. Based in New York, McLoughlin joined BGC in 2012, and now has “more than 30 years of experience in the financial services industry.”
McLoughlin is replacing “longstanding Americas CEO” Scotto, who will be guiding the progress of the new Fenics UST product, officials say. Scotto “played an instrumental role in the development of our US business since 2011, will stay on to oversee special projects,” officials add.
“Shawn will work to define business strategy for new products and drive revenue growth in the North American market,” says Shaun Lynn, president of BGC Partners.
BGC Partners, which serves the financial services and real estate markets, owns GFI Group Inc., an interdealer brokerage and provider of trading technologies and support services for the over-the-counter and listed derivatives markets.
BGC’s financial services offerings include fixed income securities, interest rate swaps, foreign exchange (FX) instruments, equities, equity derivatives, credit derivatives, commodities, futures, insurance brokerage, and structured products. The firm offers trade execution, broker-dealer services, clearing, trade compression, post trade, information, and other services. Its trading technology brands encompass Fenics, BGC Trader, Capitalab, Lucera, and Fenics Market Data.
Its real estate services are offered via Newmark Knight Frank, Newmark Cornish & Carey, Berkeley Point, ARA, Computerized Facility Integration, Newmark Knight Frank Valuation & Advisory, and Excess Space.
FlexTrade Hires from EBS Brokertec for FX Business Development Head
Vendor FlexTrade Systems, which specializes in multi-asset execution and order management system (OMS) offerings, reports the appointment of Bruce Wolf as head of FX business development, based in the company’s New York headquarters.
Wolf will “manage sales and business development for FlexTrade’s FX trading solutions,” for both the buy-side and sell-side markets, according to the company.
Wolf joins from EBS BrokerTec, where he “worked as Head of Americas Sales with responsibility for selling the firm’s FX and Treasury services to banks, brokers and hedge funds,” FlexTrade says. “Prior to EBS, Wolf worked at Integral Development Corporation as Managing Director, Head of Americas, selling multi-bank FX trading and white label platforms to banks, brokers, hedge funds and financial institutions. Previous to Integral, Wolf served as a Director, FX Banks Sales Desk Head, in Citigroup’s global offices in Zurich, New York and London. Earlier management/sales positions include stints at Thomson Reuters (London and New York), CAP Gemini and MCI Telecommunications.”
SEC’s Investment Adviser/Investment Company New York Exam Head Departs
The SEC reports that Ken C. Joseph, the veteran head of the investment adviser/investment company examination program in the agency’s New York regional office, is planning to leave the agency.
Since 2012, he has “led a team of over 130 accountants, examiners, attorneys, and support staff responsible for the examination of investment companies and investment advisers in New York and New Jersey,” the SEC points out.
He started his SEC career as a law clerk, the commission says, and “went on to serve as an Assistant Director in the SEC’s Enforcement Division, New York. When the division was reorganized in 2010, he joined the newly formed Asset Management Unit.”
During his tenure, he “investigated a wide array of alleged violations of the federal securities laws, including those involving financial fraud, auction rate and subprime securities, credit default swaps, reinsurance transactions, hedge funds, private equity funds, Ponzi schemes, special purpose entities, auditors, investment advisers, investment companies, self-regulatory organizations, transfer agents, and broker-dealers,” the commission adds.
Behnam Sworn in as CFTC Commissioner
Rostin Behnam has been sworn in as a CFTC commissioner. He was unanimously confirmed by the U.S. Senate on August 3 of this year and his term expires in June 2021. The CFTC notes that it “oversees the commodity futures, options and swaps industry.”
Prior to joining the commission, Behnam was senior counsel to U.S. Senator Debbie Stabenow of Michigan, ranking member of the Agriculture, Nutrition, and Forestry Committee. Prior to that, Behnam practiced law in New York City and worked at the New Jersey Office of the Attorney General, per the CFTC.
“I look forward to working with Commissioner Behnam on the important matters before us,” Commissioner Sharon Y. Bowen, who will leave the CFTC at the end of September, says in a statement. “And I hope that more new Commissioners will be confirmed soon so that the agency can be at full strength.”
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