Taryn Siglain replaces Gino Timperio at State Street

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May 31, 2024

Taryn Siglain, head of financing solutions, State Street

State Street has appointed Taryn Siglain as head of financing solutions. She replaces Gino Timperio, who will retire at the end of June, and reports to Tony Bisegna, head of global markets.

Siglain has more than 15 years of industry experience, and has been global head of prime services and a senior managing director at State Street since early 2023.

The majority of her career has been spent with Morgan Stanley, where she held a number of senior roles including head of Americas collateral optimisation and secured funding trading and execution, head of client financing and secured funding strategy and vice president of investor relations.

Commenting on her appointment, Siglain said: “I am honoured and excited to lead these talented teams and to work collaboratively across our organisation, deepening relationships with key stakeholders and delivering on our business objectives for our clients.”

Bisegna added: “As client needs continue to change and evolve, it is critical for our markets business that we have the most impactful team structure in place to support the needs of our clients. Taryn’s wealth of industry experience in client facing roles, strategy as well as overseeing trading businesses makes her well suited for this position.

“I would like to thank Gino for the many business contributions he has made over the course of his impressive career at State Street, and we wish him all the best in his retirement.”

©Markets Media Europe 2024

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FIX Asia 2024: Kevin Rideout, Hong Kong Exchanges and Clearing

By

Lauren McAughtry

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May 30, 2024

Kevin Rideout, HKEX — Kevin Rideout, Co-Head of Sales and Marketing, HKEX.

Laurie McAughtry spoke with Kevin Rideout, Co-Head of Sales and Marketing at Hong Kong Exchanges and Clearing Limited (HKEX), at FIX Asia Pacific Trading Conference earlier this month in Hong Kong and asked for his perspective on the trading trends in the region.

Andrew Bresler to lead Saxo UK

By

Lucy Carter

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May 30, 2024

Online trading and investment firm Saxo has appointed Andrew Bresler as CEO of its UK business, effective 3 June. He replaces interim CEO Simon Camilleri.

Bresler has almost 20 years of industry experience, and served as deputy head of APAC sales trading for Saxo between 2016 and 2018.

He rejoins the company from InvestCloud, where most recently he was chief revenue officer and deputy general manager for APAC. Before this, he was head of South East Asia and head of sales for APAC at the company.

Prior to InvestCloud, Bresler was regional head of brokerage, portfolio finance and digital investments for APAC and EMEA.

Commenting on his appointment, Bresler said: “As one of the largest markets for the financial services industry globally, the UK offers an enormous opportunity to grow the Saxo brand. Saxo UK is well positioned to capture this opportunity thanks to our broad – and expanding – product suite, and competitive pricing which was rolled out earlier this year.

“Coupled with the robust regulatory foundation which the team have built, I have full confidence that we can realise the business’ full potential together. I look forward to working with the passionate team in London and across the organisation.”

Stig Christensen, chief commercial officer at Saxo, added: “[Bresler] is not only a seasoned leader, but also a great team player with a deep understanding of our industry, products, platforms, and clients. The combined strengths of our leadership team, the employees in the UK and Andrew’s capabilities gives me great confidence in the future success for our UK business, where we have ambitious growth plans.”

©Markets Media Europe 2024

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ESMA reminds issuers of pre-close calls good practices

By

Alex Pugh

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May 30, 2024

The European Securities and Markets Authority (ESMA) has reminded issuers that any disclosure of inside information during a ‘pre-close call’ should be compliant with the Market Abuse Regulation (MAR).

Given assertions in the media that ‘pre-close’ calls are related to volatility in share prices, ESMA said issuers should only share non-inside information during these ‘pre-close calls’. Pre-close calls are communication sessions between an issuer and analysts who generate research, forecasts and recommendations related to the issuer’s financial instruments.

To address potential concerns related to pre-close calls, ESMA recommended good practices, including: Prior to a ‘pre-close call, carrying out an assessment of the information intended to disclose, making sure that it is not inside information; informing the public about the upcoming “pre-close calls” on the issuer’s website; and making the material and documents used simultaneously available on the issuer’s website.

Oliver Blower, CEO of VoxSmart, said: “It is all very well ESMA trying to keep everyone honest, but these are guidelines, not legislation. Clear rules and transparency are key to keeping our markets trustworthy and fair – and this is what most market participants want as well.

“The grey area is when exactly does activity of this nature become a disclosable event to the wider market? At the end of the day, if there is a suspiciously high share price immediately after an analyst call, any regulator is going to need to dig into not only the intricate details behind the trades, but also whether the bank in question provided the full and proper disclosures in a timely manner.”

Matt Smith, CEO, Steeleye — Matt Smith, CEO, SteelEye

Matt Smith, CEO at SteelEye, said: “ESMA’s statement is a stark reminder that without an emphasis on transparency during pre-close calls, a watchdog crackdown could well be on the horizon. Markets need to remain inclusive and democratic, ensuring everyone has the right to participate with equal knowledge and to make informed decisions. When a select few have unfair access to sensitive information, this of course influences the market – something regulators are evidently keeping a closer eye on.”

©Markets Media Europe 2024

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Kurt Adams replaces Bob Santella as IPC CEO

By

Lucy Carter

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May 29, 2024

IPC has appointed Kurt Adams as CEO, replacing Bob Santella.

Stuart Harvey has been named chairman of the board of directors; Michael Chin, Duco CEO, has also become a member of the board.

Adams has more than 25 years of industry experience, and joins IPC from health services company Optum’s financial division. He was CEO of the company for five years, also serving as a board member. Prior to this, he was CEO and group president of payments company Corpay (previously FLEETCOR).

Earlier in his career, Adams was senior vice president and later president of corporate payments at US Bank.

Commenting on his appointment, Adams said: “I am excited to embark on this journey with IPC’s dedicated team. Our focus will remain on delivering exceptional value to our customers by expanding upon our innovative trading technology to create a more connected experience, and fostering a culture of customer-centricity to remain at the forefront of the financial services industry.”

Santella added: “The future of IPC is extremely bright. I depart with the deepest appreciation for the support I received from our owners, the board of directors and an incredible team of employees across the globe who strive to deliver the best products and customer service in the industry.”

©Markets Media Europe 2024

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ipushpull and Rapid Addition partner on trade alert distribution solution

By

Lucy Carter

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May 29, 2024

Mike Powell, CEO, Rapid Addition; Matthew Cheung, CEO, ipushpull

ipushpull has partnered with electronic trading infrastructure firm Rapid Addition to improve the responsiveness of trading teams, providing real-time data distribution of trade alerts across popular chat platforms.

The companies aim to reduce instances of missed alerts and slow notification delivery for trading support teams in a secure, flexible way, allowing users to more efficiently keep up with risk limit breaches, FIX session disconnects, rejected trades, and other critical operational issues.

ipushpull’s omnichannel data sharing and workflow automation capabilities will extend Rapid Addition’s existing monitoring alerts to communications channels and devices of choice. This will improve operational risk mitigation and client responsiveness, the firms said, and will allow traders to be faster and more agile in their accessing of operational information.

“Rapid Addition’s enterprise trading technology offers forensic-level, real-time monitoring of a firm’s trading activity,” Mike Powell, CEO of Rapid Addition, explained to Global Trading. “While information such as trade rejects, session drops or latency fluctuations can be viewed through Rapid Addition Monitor’s intuitive user interface, it is critical that such time-sensitive information is instantly accessible by key stakeholders at all times.

“Chat connectivity has become an essential channel to make data more accessible,” added ipushpull CEO Matthew Cheung. “Through ipushpull, Rapid Addition now supports real-time and on-demand alerts, notifications and queries between its monitoring tools and leading chat platforms across desktop and mobile.”

Initial responses to the solution have been positive, the firms stated, particularly in light of increased remote work and high-volume electronic trading activity.

©Markets Media Europe 2024

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Commerzbank completes MX.3 migration

By

Lucy Carter

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May 29, 2024

Commerzbank has completed the migration of its FX, FX derivatives, equities and commodities activity to Murex’s MX.3 platform.

This streamlines trading and risk for the firm, Murex explained, simplifying its models and facilitating business expansion, consolidation, modernisation and digitalisation projects both now and in the future.

The firms collaborated with consultancy firm TeamTek, a Bountea and Accolite company, which tested automation implementations and delivered the completed end-to-end equity migration project. Infosys, a digital services and consultancy firm, allowed Commerzbank to access a comprehensive suite of services on the MX.3 platform.

Sebastian Kauck, CIO for corporate clients at Commerzbank, said: “Throughout this project, the collaboration of our internal teams with Murex, TeamTek and Infosys has always been an integral part of its success. The new setup enables Commerzbank to significantly enhance process efficiency and simultaneously reduce costs. Additionally, it lays the foundation for future business growth as we can more swiftly adapt to market changes.”

Luc Testud, managing director for central Europe at Murex, added: This creates the opportunity for future expansion through an integrated cross-asset platform, accelerating time to market to innovate and enabling further steps of digitalisation.”

©Markets Media Europe 2024

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Rostin Behnam re-elected IOSCO vice chair

By

Lucy Carter

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May 29, 2024

The Board of the International Organization of Securities Commissions (IOSCO) has re-elected Rostin Behnam, Commodity Futures Trading Commission (CFTC) chairman, as vice chair for the 2024-2026 term.

In the role, which he originally took on in 2022, Behnam is responsible for guiding IOSCO’s policy development and overall management.

Behnam’s previous work with IOSCO has included co-leading the financial stability engagement group and co-chairing the carbon markets workstream, part of the organisation’s sustainable finance task force.

Commenting on his appointment, Behnam said: “I am grateful for the support and trust of my fellow board members, and I look forward to further collaboration with the board leadership team as IOSCO continues its important work of protecting investors, maintaining fair, efficient, and transparent markets, and addressing systemic risk.”

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Alicia Suminski swaps Turquoise for EuroCTP

By

Lucy Carter

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May 29, 2024

EuroCTP has appointed Alicia Suminski as principal product manager in its first wave of hiring.

In the Amsterdam-based role, Suminski is responsible for driving and executing the development of EuroCTP’s consolidated tape across European equity exchanges.

Suminski has more than 30 years of industry experience, almost two decades of which have been spent at exchanges. She joins EuroCTP from Turquoise, where she was senior business development manager for execution services. Prior to this, she was senior product manager for credit default swaps at LCH.

Before moving into the exchange space, Suminski was a futures and options broker for three years at Trifutures, Tullett and Tokyo and Credit Agricole Futures.

Alongside Suminski, Nikolay Levashko has been appointed infrastructure and solutions architect. Based in Berlin, he is tasked with developing and coordinating a comprehensive and scalable solution for the firm.

Mike Bournes and Sahib Multani, both based in London, have been named business development manager and technical business analyst respectively.

Commenting on her appointment, Suminski told Global Trading: “Throughout my career, which began on the derivatives outcry trading floors, I have witnessed major transitions, from purely manual processes to the complete digitisation of order books and trading methods. Over the last two decades, I have been privileged to work at the beating heart of market infrastructures, including experiencing first-hand the inception of European trading venue competition and its impact on market microstructure.

“Joining EuroCTP’s team of experts is an exciting opportunity to help build a ground-breaking product for the European equity and ETF markets. With the invaluable trading and investment community input, I look forward to contributing to the design of EuroCTP’s consolidated tape in alignment with regulatory requirements and best practices.”

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Marex and Stifel enter prime brokerage referral partnership

By

Lucy Carter

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May 28, 2024

Jack Seibald, global head of prime brokerage services and outsourced trading, Marex

Stifel Financial has partnered with Marex Group in a prime brokerage referral partnership, with the goal of more effectively servicing both firms’ hedge fund and investment management clients.

Through the partnership, Marex’s institutional clients will gain access to Stifel’s research banking and corporate access services. In turn, Stifel clients will be offered Marex’s trading and execution capabilities by the institutional sales and trading group.

John Spensieri, co-head of equity trading at Stifel, commented: “Marex has a well-established prime brokerage and outsourced trading business, with technology-powered data, that will complement our emphasis on offering differentiated products to meet the evolving needs of our global client base.”

Jack Seibald, global head of prime brokerage services and outsourced trading at Marex, added: “Stifel’s multi-asset class expertise, like-minded approach to client service, award-winning research, and corporate access relationships represents a significant value-added offering for our institutional client. This partnership is a key differentiator that will further enhance our capabilities and complement efforts to expand the global reach of both firms.”

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State Street has appointed Taryn Siglain as head of financing solutions. She replaces Gino Timperio, who will retire at the end of June, and reports to Tony Bisegna, head of global markets.

Laurie McAughtry spoke with Kevin Rideout, Co-Head of Sales and Marketing at Hong Kong Exchanges and Clearing Limited (HKEX), at FIX Asia Pacific Trading Conference earlier this month in Hong Kong and asked for his perspective on the trading trends in the region.

Online trading and investment firm Saxo has appointed Andrew Bresler as CEO of its UK business, effective 3 June. He replaces interim CEO Simon Camilleri.

IPC has appointed Kurt Adams as CEO, replacing Bob Santella.

ipushpull has partnered with electronic trading infrastructure firm Rapid Addition to improve the responsiveness of trading teams, providing real-time data distribution of trade alerts across popular chat platforms.

Commerzbank has completed the migration of its FX, FX derivatives, equities and commodities activity to Murex’s MX.3 platform.

The Board of the International Organization of Securities Commissions (IOSCO) has re-elected Rostin Behnam, Commodity Futures Trading Commission (CFTC) chairman, as vice chair for the 2024-2026 term.

EuroCTP has appointed Alicia Suminski as principal product manager in its first wave of hiring.

Stifel Financial has partnered with Marex Group in a prime brokerage referral partnership, with the goal of more effectively servicing both firms’ hedge fund and investment management clients.

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