Welcome to Futures Industry
Editorial Staff
Published 5/1/2005

The Futures Industry Association announced the election of officers at its annual board meeting on March 16 in Boca Raton, Fla. Joseph Murphy, Refco, was elected chairman; Richard Berliand, J.P. Morgan Securities Ltd, was elected vice chairman; and Wendell Kapustiak , Merrill Lynch, was elected secretary/treasurer.

The FIA also announced the composition of its board for 2005: Patrice Blanc, Fimat Group; Philippe Buhannic, TradingScreen; William Cleary, Banc of America Futures; Kevin Collins, Deutsche Bank Securities; George Crapple, Milburn Ridgefield Corporation; John Damgard, FIA; Chris Damilatis, Prudential Financial Derivatives; James Davison, Cargill Investor Services; Michael Dawley, Goldman, Sachs & Co.; Richard Ferina, Calyon Financial; Sandy Fleischman, Lehman Brothers; Kenneth Ford, Credit Suisse First Boston; Ronald Hersch, Bear, Stearns & Co.; Clark Hutchison, UBS; Jeffrey Jennings, Morgan Stanley; David Mitchell, Cadwalader, Wickersham & Taft; Ira Polk, Man Financial; Kenneth Raisler, Sullivan & Cromwell; Edward Rosen, Cleary, Gottlieb, Steen & Hamilton; Mark Rosenberg, SSARIS Advisors; Mark Rzepczynski, John W. Henry & Co.; Gregory Sachs, Deerfield Capital Management; Michael Schaefer, Citigroup Global Markets; Steven Winter, Banc of America Securities; and Allan Zavarro , ABN Amro. Robert Fink and Todd Petzel , Azimuth Alternative Assets, were re-elected as public directors.

FIA Japan Chapter elected a new board of directors at its annual meeting on April 6. Mitchell Fulscher, a financial consultant, was re-elected as chairman. Yoshio Kuno, a managing director at the Tokyo office of Chicago Mercantile Exchange, was re-elected president. Takanori Kosaka, a director at UBS Securities Japan, was re-elected secretary. Yasuo Shimizu, a partner at AZSA & Co./KPMG, was re-elected treasurer. The other members of the board are: Osamu Akida, managing director at Japan Commodity Futures Industry Association; Brian Benus, chief operating officer, Bear Stearns (Japan); Laurent Cunin, managing director of the Fimat division of Société Générale Securities Tokyo; Takamichi Hamada, president and chief operating officer, Tokyo Commodity Exchange; Masanori Hayashi, senior executive vice president, Tokyo Grain Exchange; Mikio Hinoide, executive officer, Osaka Securities Exchange; Junnosuke Inoue, auditor, Nihon Unicom; Mikio Kawamura, dean of the Tama Graduate School of Management and Information Sciences; Fumihiko Kimura, chairman of Central Japan Commodity Exchange; Thomas McMahon, director, Asia region for the New York Mercantile Exchange; Shinjiro Mizuno, managing director, Kanetsu Shoji; Yasuo Mogi, senior managing director, Himawari CX; Koichiro Ohashi, attorney at White & Case Kandabashi Law Offices; Shozo Ohta, senior managing director at Tokyo International Financial Futures Exchange; Shuichi Shimizu, sales director at GL Trade Japan; Kasuaki Takabatake, regional director for Patsystems Japan; Takayuki Tatara, corporate vice president, Yutaka Shoji; and Hideaki Ushijima, chairman of the Japan CTA Association. The chapter also named four special advisors: Kazuo Fujii, Foreign Exchange Margin Trading Association; Keikichi Honda, NCR Japan; Kazuya Kodama, Tokyo Grain Market Research; and David Semaya , Barclays Global Investors Japan.

President Bush has nominated Tim Adams and Randal Quarles as undersecretaries for international affairs and domestic finance respectively. If confirmed by the Senate, Adams will fill a vacancy left by the departure of John Taylor. Adams was the chief of staff under former Treasury Secretary Paul O'Neill and a policy advisor to the Bush-Cheney campaign in 2000 and 2004. Quarles is currently Treasury's acting undersecretary for international affairs. He previously served as executive director of the International Monetary Fund and deputy assistant secretary for financial institutions policy.

In addition, Greg Zerzan has been named the Treasury Department's acting assistant secretary for financial institutions. He previously served as deputy assistant secretary for financial institutions policy, responsible for legislative and policy matters related to the financial services sector. Before coming to Treasury in 2003, he was the senior counsel for legislation for the House Financial Services Committee and the chief counsel for the House Agriculture Committee.

Commodity Floor Brokers & Traders Association has elected a new slate of officers. George Gero, senior vice president at Legg Mason Wood Walker, has been re-elected as chairman; Fred Schoenhut, chairman of the New York Board of Trade, as vice chairman; John Hanemann, independent floor trader and vice-chairman of Comex, as president; Joe Salvatore, independent floor trader, as treasurer; Jan-Willem Van Den Dorpel, president of NYAM, as secretary; Lawrence Bilello, independent floor broker, as first vice president; and David Greenberg, president of Sterling Commodities, as vice president. The association also elected several new directors: Richard Saitta, Joe Cicchetti and Steve Karvellas, all of whom are representing Nymex; John Conheeney Jr. and Don Tierney representing associate members; and John Conheeney representing the public.

Former U.S. Senator John Breaux will join the board of the Managed Funds Association as an appointed director. Currently, he is senior managing director at the Clinton Group, senior counsel to Patton Boggs, and a senior advisor to Riverstone Holdings. He retired from the Senate in January 2005.

The International Swaps and Derivatives Association has elected Mark Davies , senior managing director at Bear Stearns, to its board of directors.

Korea Exchange has announced a new corporate structure comprised of five divisions that will run the combined operations of the Korea Stock Exchange, Kosdaq and the Korea Futures Exchange. Yeong-Ho Woo has been named president of the futures market division. Jung-Hwan Lee has been named president of the management strategy division, which is responsible for policy planning, business strategies, personnel management, budgeting, research and international affairs, and public relations. Chy-Jang Oak has been named president of the stock market division. Sung-Shin Kwak has been named president of the Kosdaq market division. And Young-Ho Lee has been named chairman of the market oversight commission, which is responsible for market surveillance and member firm supervision.

The London Metal Exchange has appointed Patrick Birley as director of exchange strategy. Neil Banks will become LME’s director of exchange development. Birley previously was operations director for FTSE International Ltd. and chief executive officer of the South African Futures Exchange. LME also announced that Michael Hutchinson, deputy chairman of Sempra Metals, and Jim Coupland , head of metals at Standard Bank, have been appointed as shareholder representative directors to the board.

OMX has elected several new members to its board of directors following its merger with Copenhagen Stock Exchange: John Abrahamson, chief executive officer of Enskilda Securities; Carl-Olof By, executive vice president and chief financial officer of Industrivärden; Christian Clausen, head of asset management and life at Nordea; Peter Engberg Jensen, group managing director at Nykredit; and Hans Munk Nielsen , senior executive vice president and chief financial officer of TDC.

The New York Board of Trade has reappointed three public directors to its board of governors: Maxine Champion, president and founder of Champion Strategies; Hugh Lamle, president of M.D. Sass Investors Services; and Terrence Martell , professor of finance and director of the Weissman Center for International Business at Baruch College.

The New York Mercantile Exchange elected the following individuals to its board of directors at a March 15 election. Richard Schaeffer, executive director of global energy futures at ABN Amro, was elected to another three-year term as vice chairman of the board. Stanley Meierfeld, a partner of Kottke Associates and managing director of the Geldermann division of FCStone, was elected as a director representing futures commission merchants. Kevin McDonnell, an independent floor trader, was elected to a third term as a representative of locals, and was named the exchange’s treasurer. Steven Karvellas, an independent floor broker, was elected to his fourth term in the floor broker category. George Gero, a senior vice president of Legg Mason Wood Walker, was re-elected to the trade category. Eric Bolling, an independent floor trader, was elected to his second term as an at-large representative. Harvey Gralla, an exchange equity holder and an off-the-floor trader in energy products, was elected as an equity holder representative. Melyvn Falis , a partner in Gusrae, Kaplan, Bruno & Nusbaum and a former general counsel of the exchange, was elected to a second term as a public director.

Nymex also has appointed De’Ana Dow as vice president and counsel of regulatory affairs. She joins the exchange from the NASD, where she served as associate vice president and chief counsel of futures and options policy. Prior to joining the NASD in 2002, she worked for the Commodity Futures Trading Commission for 21 years and worked closely with several CFTC chairmen as legal advisor.

Neal Wolkoff , the former chief operating officer of the New York Mercantile Exchange, has been elected chairman and chief executive officer of the American Stock Exchange. He has been acting chief executive officer of Amex since January 2005. He replaces Salvatore Sodano as chairman.

Chicago Mercantile Exchange has reorganized its strategic planning unit. Scott Robinson, the former McKinsey partner who joined the exchange in February 2004 as head of corporate development, has left the exchange. Ann Shuman and Kendal Vroman have been promoted to co-heads of corporate development, responsible for strategic planning, business development and overall corporate development.

In addition, CME appointed Johannes Zhou as director, Asian business development. Zhou previously served in leadership roles for the Hong Kong Futures Exchange and currently works for a Boston firm providing advice on futures and risk management to the China Securities Regulatory Commission.

CME also has appointed Jeffrey Kilinski as director, interest rate products, with responsibility for promoting the electronic trading of interest rate options. Kilinski previously served as a vice president for Lehman Brothers with responsibility for sales of futures, derivatives, treasuries, agencies and other fixed income products. He also worked in interest rate futures and options at J.P. Morgan Futures from 1993 to 2002.

SWX Swiss Exchange has announced several changes to its board of directors. Stephan Zimmermann, who has been on the board for seven years, has resigned. To replace him and two other directors who stepped down last year, Yves Maas and Bruno Meier, the members of the exchange elected Andreas Amschwand, head of UBS Investment Bank, Switzerland and global head of foreign exchange/cash and collateral trading; David Blumer, head trading & sales and member of the executive board of Credit Suisse, and Eduardo Leemann , chief executive officer of AIG Private Bank AG. Leemann was elected as a representative of the Association of Foreign Banks in Switzerland.

The International Securities Exchange has appointed Thomas Ascher as chief strategy officer, with responsibility for identifying and instituting growth opportunities. Ascher previously served as chief executive officer of Nasdaq Liffe Markets. Before NQLX, he was an executive vice president of Interactive Brokers. ISE also has elected Brian Donnelly, a managing director and the global head of electronic volatility trading at UBS Securities, and John Koltes, an executive partner of Archelon Group since 1988, to its board of directors.

John Dipaola has been named global head of futures operations at Citigroup. His responsibilities include futures exchange floor and back office operations in Chicago and New York, as well as futures operational responsibility globally. He previously managed fixed income prime broker operations and security lending operations at Citigroup, and from 1982 to 1993 he managed New York futures operations for Salomon Brothers.

Banc of America Securities has hired Steven Winter, formerly a senior official at Barclays Capital, as managing director and head of fixed income prime brokerage. He will spearhead efforts to expand the firm’s prime brokerage services to include all areas of fixed income. At Barclays Capital, Winter was North American head of fixed income prime brokerage and also served as North American head of futures and global head of commodity prime brokerage. Winter is on the board of the Futures Industry Association and formerly chaired Bond Market Association’s committee on fixed income prime brokerage.

Fimat Group has promoted Nicolas Breteau to managing director for the European zone. He previously was head of Fimat in the UK, a responsibility that he will retain alongside the supervision of Fimat’s other European offices in France, Spain, Germany and Switzerland. Alain Bozzi, vice chairman of the Fimat Group and previously in charge of the European entities, will now concentrate on reinforcing the global coordination and deployment of the Group’s support services activities.

Fimat Group also has strengthened its management team in Asia-Pacific. Wessel Van der Scheer, the group’s chief executive officer for Asia-Pacific, has relocated to Fimat’s regional hub in Hong Kong where he will oversee all the group’s activities in the region. Carl Dietzel has been appointed chief information officer for Asia-Pacific and has relocated from Australia to Hong Kong. Thierry Estimbre, previously IT manager for Fimat in Tokyo, has been nominated as the deputy chief information officer for Asia-Pacific and head of e-trading. Christian Regis, previously Fimat Group internal controller in Paris, also has relocated to Hong Kong as deputy chief operating officer for Asia-Pacific. Philippe Eme, previously Fimat’s branch manager in Seoul, has been named head of sales and marketing Asia, excluding Japan. Thibault Mudes, formerly the chief operating officer in Seoul, will replace Eme. Mike Gilbert, previously managing director for Orc Software in Australia, has been named clearing sales manager for Asia-Pacific. Paul Wong, previously an associate at the San Francisco based law firm of Sedgwick, Detert, Moran & Arnold, has been named legal director for Asia-Pacific. Lastly, Wincy Tsang, previously a manager from intermediary supervision at Hong Kong Securities and Futures Commission, has been named Asia/Pacific director of compliance.

Calyon Financial has hired John Hartigan as director of business development. Previously, he worked with VisCon Capital Partners, where he served as managing partner since 2003. Prior to that, he was a managing director for BNP Paribas Brokerage Services.

FCStone Group has appointed James Curley as executive vice president and senior managing director of global foreign exchange for its wholly owned subsidiary FCStone Forex LLC. In addition to his responsibilities in the development of global foreign exchange business, he will hold responsibility for FCStone’s newly created New York institutional sales office. Curley is a former director and executive committee member of the Chicago Board of Trade, as well as a past director of the National Futures Association and the Futures Industry Association. Most recently he was a director at Hotspot FXi.

Clifford Chance has strengthened its intellectual property team in New York. Elaine Laurence, a former director for technology, intellectual property and contracts at Goldman Sachs, has joined the firm as a partner. She spent 16 years at Goldman Sachs and is a former chair of the Securities Industry Association’s technology and regulatory committee.

Katten Muchin Zavis Rosenman has hired Patricia Levy as special counsel in its Chicago office. Levy previously was general counsel to the Hull Group, a Goldman Sachs company, advising Goldman’s options market making and options clearing businesses.

Jeff Patrick, formerly director of marketing and communications for GL Trade in New York, has joined Sungard as vice president of marketing for Sungard Trading Systems-Brass. Brass is Sungard’s order routing system for equities.

Patsystems has appointed Arun Aggarwal as a non-executive director. He replaced Sandro D’Isidoro, who is retiring from the board. Aggarawal was managing director and group head of business management at the LCH.Clearnet Group Ltd. from 2001 to 2004. Prior to that, he served with PricewaterhouseCoopers as partner in charge of the capital markets sector and shared services consulting in European financial services.

You Just Trade has appointed Joe Bigane as business development leader, responsible for securing client relationships and identifying new sales channel partners. He previously worked as senior business developer at ComStock and as business developer at HyperFeed.

 
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