In other People Moves, the CFTC fills key market oversight and enforcement posts, the DTCC appoints a top compliance officer for a European trade repository and Clark Capital has a new CEO.
Richard Ketchum Joins MarketAxess Board of Directors
Richard Ketchum, MarketAxess board of directors
Richard G. Ketchum, a Nasdaq and SEC veteran and former chairman and CEO of the Financial Industry Regulatory Authority (FINRA), will be serving on the board of directors of MarketAxess Holdings Inc., as of April 1, 2017, officials say.
In his career, Ketchum has served in many senior regulatory positions in the financial industry over the past three decades. Before his time at FINRA, he served as non-executive chairman of its board of governors. He previously spent 12 years at the National Association of Securities Dealers (NASD) and exchanges company y Nasdaq, where he served as president of both organizations, officials say. Prior to joining NASD and Nasdaq, Ketchum spent 14 years at the SEC with eight of those years as director of the division of market regulation.
Ketchum also early in his career was general counsel of the Corporate and Investment Bank (CIB) of Citigroup, officials add. He has also served as CEO of NYSE Regulation and the Chairman of the World Federation of Exchanges’ regulatory committee.
MarketAxess operates an electronic trading platform for fixed-income securities, and provides market data and post-trade services for global fixed-income markets. The company has headquarters in New York City and offices in London, Boston, Chicago, Los Angeles, Miami, Salt Lake City, San Francisco, São Paulo, Hong Kong and Singapore.
CFTC Promotes Zaidi to Head of Enforcement Division
CFTC Acting Chairman J. Christopher Giancarlo
The CFTC reports that Amir Zaidi, who has been with the commission since 2010, has been named to head its division of market oversight.
In addition, Vincent McGonagle has been named the acting director for the division of enforcement, while Jeffrey Bandman is stepping down as acting director of the division of clearing and risk (DCR) to become an advisor on issues related to financial technology. John Lawton, a commission veteran, will become acting director of the DCR.
The appointments were made by CFTC Acting Chairman J. Christopher Giancarlo, who declared in a statement: “One of the hallmarks of our democracy is the peaceful transfer of power, but one the strengths of our country that isn’t talked about much is the dedicated staff who oversee the markets, enforce the rules and ensure the integrity of the marketplace.”
DTCC Appoints Chief Compliance Officer for Euro Global Trade Repository
The Depository Trust & Clearing Corporation (DTCC), a post-trade market infrastructure for financial services, reports that Derek West, former senior director of derivatives oversight at the Quebec Autorité des marchés financiers (AMF), has joined as executive director and chief compliance officer for DTCC’s European global trade repository (GTR) business.
West will be responsible for “ensuring GTR Europe remains in full compliance with European Market Infrastructure Regulation (EMIR) trade repository requirements, as well as other applicable laws and regulations,” according to a statement. “In addition, he will coordinate EMIR supervisory activities and examinations, as well as work closely with GTR senior management and the European Securities and Markets Authority.”
At AMF, West was “responsible for drafting and implementing Quebec’s Derivatives Act and regulations, and eight national regulatory projects, including trade repository recognition and reporting rules and mandatory central counterparty clearing rules,” the DTCC says. “Previously, he was Director, Strategic Planning and Development at the National Futures Association in Chicago.”
DTCC’s depository “provides custody and asset servicing for securities issues from over 130 countries and territories valued at US$45.4 trillion,” the commission says.
Clark Capital Names New CEO
Clark Capital Management Group, an asset manager, reports that Brendan Clark has been promoted from president to chief executive officer.
Brendan Clark, CEO, Clark Capital Management Group
Clark joined the firm, founded in 1986 by Harry Clark, in 2001 and has “held positions of increasing responsibility, including Executive Vice President of Business Development,” the group says in a statement, which notes also that he “led the transformation of Clark Capital into a world-class asset management firm, directing all business development and marketing efforts and overseeing the creation and execution of key strategic relationships with broker-dealer partners and national platforms.”
In his new post, he will be executing the firm’s overall strategy while the founder will “step into the role of Executive Chairman and oversee Clark Capital’s long-term vision,” officials add.
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