The Senate confirmed the nominations of Jerome Powell, a former private equity executive, and Jeremy Stein, an economics professor at Harvard University, to serve as members of the Federal Reserve's Board of Governors.
The Senate also confirmed the nomination of Mary John Miller as the Treasury Department's undersecretary for domestic finance. She will be responsible for developing and coordinating Treasury's policies and guidance related to financial institutions, federal debt financing, financial regulation and capital markets. Since 2010, Miller has served as assistant secretary for financial markets. The Senate also confirmed Alastair MacLennon Fitzpayne as Treasury's assistant secretary for legislative affairs. Fitzpayne has served as Treasury's deputy chief of staff since January 2009.
The Senate also confirmed Adam Sieminski to be the administrator for the Energy Information Administration. Sieminski previously was chief energy economist at Deutsche Bank in New York.
The Securities and Exchange Commission named George Canellos as deputy director of the division of enforcement. He was serving as director of the SEC's New York regional office. In addition Diane Blizzard was named associate director for regulatory policy and investment adviser regulation in the division of investment management. She filled the vacancy created when Robert Plaze was promoted to deputy director of the division. Blizzard has been a member of the SEC's division of investment management for 12 years. Erica Williams was named the agency's deputy chief of staff. She has been a member of SEC Chairman Mary Schapiro's staff since February 2011 focusing on enforcement and regulatory issues. James Burns was named deputy director in the division of trading and markets. He has been a member of Schapiro's staff since March 2010. James McNamara was named to the newly created position of managing executive of the SEC's division of trading and markets. He is currently an assistant director in the SEC's office of financial management.
Hector Sants, chief executive of the U.K.'s Financial Services Authority, will leave his post at the end of June. Upon his departure, Andrew Bailey will take over as head of the prudential business unit. Martin Wheatley will remain the head of the conduct business unit and will serve as the future chief executive officer of the Financial Conduct Authority.
Masamichi Kono was appointed as chairman of the International Organization of Securities Commissions' board. Kono is the vice commissioner for international affairs at Japan's Financial Services Agency and has served as chairman of the IOSCO technical committee since 2011. The IOSCO board also appointed two vice chairs: Vedat Akgiray, chairman of the Capital Markets Board of Turkey, and Ethiopis Tafara, director of the U.S. Securities and Exchange Commission's international affairs division. In addition, the IOSCO board elected Greg Medcraft, chairman of the Australian Securities and Investment Commission, to take over as chairman after Kono steps down from the position in March 2013.
The Autorité des Marchés Financiers, France's principal financial markets regulator, appointed Philippe Guillot as executive director of the markets directorate, a new entity formed by the AMF in 2011 to monitor the markets, infrastructure and market stakeholders. Guillot was previously head of trading at Crédit Agricole Cheuvreux.
Hong Kong's Securities and Futures Commission announced that Bénédicte Nolens was appointed as senior director of risk and strategy to oversee the newly established risk and strategy unit. Prior to joining the SFC, she was a managing director and head of compliance for the Asia-Pacific region at Credit Suisse.
Nancy Schnabel has taken a position as an attorney in the banking supervision and markets division at the Federal Reserve Bank of New York. Most recently she was special counsel and policy advisor at the Commodity Futures Trading Commission for Commissioner Scott O'Malia.
Robert Colby was named chief legal officer for the Financial Industry Regulatory Authority. Colby was most recently a partner at Davis Polk & Wardwell. Prior to that he was deputy director of the division of trading and markets at the Securities and Exchange Commission. Colby succeeded T. Grant Callery, general counsel at FINRA, who is retiring in October, and Marc Menchel, general counsel for regulation, who left for private practice.
Phupinder Gill took the helm as chief executive officer of CME Group after Craig Donohue retired from the position after the company's May 23 shareholder meeting. As part of the company's succession plan, the board appointed Terrence Duffy to an expanded role as executive chairman and president.
CME Group named Susan Schultz to the newly created position of executive director and counsel to Terry Duffy. With more than 30 years of legal and regulatory experience in the derivatives industry, Schultz most recently served as managing director, group deputy general counsel and chief operating officer of the LCA division of Newedge Group. She began her career with the Chicago Mercantile Exchange. Additionally, Linda Rich, senior managing director, government relations and legislative affairs, was appointed to CME's management team. Rich also reports to Duffy.
CME also named Izumi Kazuhara as executive director, head of Japan. He is based in Tokyo and reports to Julien Le Noble, CME Group managing director, head of Asia Pacific. Kazuhara has extensive experience in the exchanges sector and derivatives industry, having previously worked at both NYSE Euronext and Eurex.
LCH.Clearnet appointed Dennis McLaughlin as group chief risk officer, reporting to Ian Axe, group chief executive officer. He was previously at AON, where he was the CEO for innovation and analytics. Prior to that, he was global head of capital and balance sheet management at Merrill Lynch. LCH.Clearnet also appointed Magnus Spencer as group general counsel. Spencer most recently was Europe, the Middle East and Africa general counsel at Barclays Capital.
Singapore Exchange announced a new organizational structure that became effective in May. Under the new structure, Magnus Bocker, chief executive officer, assumed direct responsibility for the listings and sales and clients business unit. Muthukrishnan Ramaswami, president, is in charge of the other four business units including the derivatives, market data and access, post-trade and securities units. Gan Seow Ann, co-president, has resigned from his position but will remain with SGX as an adviser.
Additionally, SGX appointed Christine Lie as the exchange's chief representative in Beijing. She replaced Lloyd Loh. Lie previously was in charge of the exchange's listings business with Chinese companies. She joined the exchange in November from Hong Kong Exchanges and Clearing.
Garry Jones, NYSE Euronext's global head of derivatives, will step down at the end of June following a management restructuring that eliminated his position. Jones joined Liffe in 2007 and was named global head of derivatives for NYSE Euronext in 2009.
Stanley Young, chief executive officer of NYSE Technologies also resigned following the restructuring.
Alan Whiting succeeded Hugh Freedberg as non-executive chairman of NYSE Liffe's global derivatives business. Freedberg, who served as chief executive officer of NYSE Liffe from 1998 to 2009, retired from the post. Whiting was head of financial regulation at the U.K. Treasury from 1992 to 1997 and executive director at the London Metal Exchange from 1997 to 2004.
In addition, NYSE Euronext hired Peter Leukert as chief information officer. He is leading NYSE Euronext's global IT operations and reports to Dominique Cerutti, the company's president and deputy chief executive officer. Leukert previously was CIO of Commerzbank, in charge of all applications and IT infrastructure as well as co-leader of the integration of Dresdner Bank into Commerzbank. Prior to that, he was a partner at McKinsey. Leukert replaced Steve Rubinow, who left the company to join FXall.
The Depository Trust and Clearing Corporation announced that its board of directors elected Michael Bodson as president and chief executive officer of the company, effective July 1. Bodson is currently the chief operating officer and will succeed Donald Donahue, who will retire at the end of July.
In addition, Michael Dunn, former commissioner at the Commodity Futures Trading Commission, was appointed chairman of DTCC's U.S. swap data repository. Dunn reports to Bodson.
ASX's board of directors elected Roderic Holiday-Smith, the former head of Chicago Research and Trading, as chairman. Holliday-Smith was appointed a director of ASX in July 2006. Prior to the merger of ASX and the Sydney Futures Exchange in July 2006 he was chairman of SFE Corporation Limited from 1998. Earlier in his career he spent 11 years in Chicago, first as chief executive officer of Chicago Research and Trading, and then as president of NationsBanc-CRT. He succeeded David Gonski, who resigned in March to take up an appointment as the chairman of Australia's Future Fund Board of Guardians.
New York Portfolio Clearing appointed Alexander "Sandy" Broderick as chief executive officer. Broderick joined NYPC from Société Générale, where he was head of British pound derivatives and bond trading. He replaced interim chief Murray Pozmanter of DTCC. Broderick was involved in the development of LCH.Clearnet SwapClear and served as chairman of the OTCDerivNet Board.
CBOE Holdings appointed Alexandra Albright to the newly created role of chief compliance officer. Albright reports to Edward Tilly, president and chief operating officer and to the regulatory oversight committees of the CBOE exchanges. Albright previously served as an attorney for Kirkland & Ellis in Chicago. Prior to that, she served in senior legal positions with the Securities and Exchange Commission.
CBOE also announced that Margaret Williams was promoted to the new role of deputy chief regulatory officer. She will continue to report to Timothy Thompson, chief regulatory officer and senior vice president, regulatory services division.
Joseph Corcoran was named first vice president and head of government relations for the OCC. Corcoran was previously at NYSE Euronext, where he served as chief counsel in NYSE Regulation and the office of legal and governmental affairs.
International Securities Exchange announced that Sylvain Mirochnikoff was elected to its board of directors for a one-year term. Mirochnikoff is managing director of the institutional equity division for Morgan Stanley.
Gary Anderson was named the chief executive officer of the Dubai Gold and Commodities Exchange. He brings 30 years of experience in major investment banks. Most recently he was at Triniti Financial Group, a trading services firm for day traders of which he is a founding partner.
The board of directors of BSE, formerly known as the Bombay Stock Exchange, appointed Ashishkumar Chauhan as interim chief executive officer of the exchange. He succeeded Madhu Kannan, who left the exchange to take a position at Tata Group. Chauhan currently serves as the deputy chief executive officer of the exchange.
Hong Kong Exchanges and Clearing appointed Stephen Marzo as chief financial officer and Henry Ingrouille as chief administrative officer. Marzo, who has spent most of his career working in Asia, was most recently group chief financial officer at the Noble Group. Ingrouille was most recently managing director and head of Asian operations for Morgan Stanley.
HKEx also announced the names of individuals serving on its derivatives and clearing consultative panels. On the derivatives panel, the four new members named were Yam Pui Lo of Haitong International Futures, Stephane Ritz of BNP Paribas Securities (Asia), Kai Leung Wan of Glory Sky Global Markets and Pek Yen Yap of IMC Asia Pacific. The two individuals re-elected to the derivatives panel were Lap Tak Chan of TG Securities and Toby Lawson of Newedge Financial Hong Kong. On the clearing panel, four new members were named: Chi Ming Chan of Celestial Commodities, Oliver Goh of Citigroup Global Markets Asia, Wong Si Ching Lau of HSBC Broking Securities (Hong Kong) and James Taylor of Newedge Financial Hong Kong. In addition, Shun Wai Chan of BOCI Securities was re-elected to the clearing panel.
The board of directors of Hong Kong Exchanges and Clearing Limited appointed Chow Chung Kong as non-executive chairman, subject to the approval of Hong Kong's chief executive. His initial term is for two years. He replaced Ronald Arculli, who stepped down after a maximum consecutive six years as chairman. Arculli will remain on the board of directors. Chow previously was chief executive officer of Hong Kong's subway operator MTR Corp.
David Mengle was named senior risk advisor, OTC derivatives at the National Futures Association, the self-regulatory organization for the U.S. futures industry. Mengle previously was a consultant for the Federal Reserve Bank of Chicago. Before that he was head of research for the International Swaps and Derivatives Association.
Morgan Stanley promoted Joseph Sarcona as global co-head of listed derivatives within the bank's electronic trading division, based in New York. He was previously head of electronic trading for Asia, excluding Japan. Sarcona reports to Andrew Silverman and Bill Neuberger, global co-heads of electronic trading. The firm named Gabriel Butler to fill Sarcona's position in Hong Kong. Butler was previously head of electronic trading sales at Bank of America Merrill Lynch.
Andy Coyne was appointed as chief executive officer of ICAP's post-trade processing unit, Traiana. Based in London, Coyne reports to Gil Mandelzis, a founder of Traiana who moved to the newly created role as executive chairman. Coyne was previously at Citi, where he was head of FX prime and ecommerce products.
Samantha Page will join Bank of America Merrill Lynch in July as director of futures, options and OTC clearing within the bank's London-based fixed income, currencies and commodities team. She will report to Brooks Stevens, who heads fixed-income futures and options as well as OTC clearing for Europe, the Middle East and Africa, and to Bob Burke, global head of OTC derivatives clearing services in New York. Page previously worked at Royal Bank of Scotland as director of OTC clearing in the bank's London office.
Greg Wood joined Deutsche Bank as the product manager of client algorithms spanning the firm's foreign exchange and futures and options businesses. He is based in New York and reports to Jason Shell, head of FX trading for North America Paul Maley, head of listed derivatives for the Americas, and globally to Cameron Mouat, head of algo execution. Wood was previously at Credit Suisse as the U.S. head of business development for its AES futures unit.
Additionally, Ed Allen joined the bank as head of dbClear sales in Europe. He is based in London and reports to Chris Hansen, Deutsche Bank's global head of over-the-counter clearing sales and European head of futures sales. dbClear is the firm's client clearing service platform that was established in 2009. Allen was previously at Bank of America Merrill Lynch, where he was director of OTC clearing for Europe, the Middle East and Africa.
Vincent Mattera was named director, listed derivatives operations at BMO Capital Markets in New York. His responsibilities include futures clearing and agency equity options operations. Mattera, who also serves as the president of the FIA's Futures Services Division in New York, previously was regional head of futures clearing at HSBC Securities.
Newedge named James Shekerdemian as head of origination and structuring for its alternative investment solutions division in the Europe, Middle East and Africa region. He reports to Jonathan Gane, global head of origination and structuring. Shekerdemian was previously at J.P. Morgan. In addition, Charles Hill was named deputy head of origination and structuring for Europe, the Middle East and Africa. Marc Lorin was appointed deputy head of origination and structuring of Americas.
Newedge also appointed Jeff Pollack as chief financial officer for the Americas, based in New York. He was most recently serving as CFO and chief operating officer for Mizuho Securities USA. He reports to Isabelle Fandard, Newedge's global CFO and Antoine Babule, chief administration officer for the Americas.
Brian Daly joined Royal Bank of Scotland as head of futures and options sales for Europe, the Middle East and Africa. Daly previously was head of prime services for Europe at MF Global. Prior to that, he was at Morgan Stanley as managing director and European product manager for listed derivatives.
BATS Chi-X Europe, an electronic trading platform that has become Europe's most active venue for equities trading, has stepped up its plans to enter the European derivatives markets and promoted futures industry veteran Guy Simpkin to head of business development and said he will focus on bringing more competition into the European index and derivatives markets. Simpkin, who reports to Mark Hemsley, the company's chief executive officer, held senior business development roles at MF Global, LCH.Clearnet and NYSE Liffe before joining BATS Chi-X Europe in May 2010. BATS Chi-X Europe currently has a market share of approximately 25% in European equities, making it the largest equities trading platform in Europe.
Citigroup named Hiro Matsuki, a member of its prime finance team in Japan, to lead the origination of new clearing business in Japan for both listed and OTC derivatives. Matsuki will be responsible for providing hedge funds and other Japanese clients with access to central clearing in the U.S., Europe and Japan.
ICAP appointed Gil Mandelzis chief executive officer of EBS, reporting to Michael Spencer, the company's chief executive. He replaced David Rutter, who has left the company. Separately, ICAP announced that it has expanded its soft commodities team with the acquisition of a cotton brokerage in New York led by Vincent Pepe, Louis Barbera and Marco Degennaro.
BGC Partners appointed Michael Riffice as managing director and head of futures and options, Americas. Riffice is based in New York and reports to Jean-Pierre Aubin, executive managing director and global head listed products and structured solutions. Riffice has held senior roles at a number of financial services firms and most recently worked in the inter-dealer broker sector.
INTL FCStone's board of directors elected John Radziwill as chairman and Pete Anderson as vice-chairman. Anderson is serving in a joint capacity as president and vice-chairman until his retirement in October. Radziwill has served on the board since December 2002.
BNP Paribas announced three appointments to its commodity derivatives business. John Bills was named managing director, commodity structured origination Americas, reporting to Simon Dent, head of structured origination. Bills was previously with Credit Agricole. Chris Zammit was appointed director of commodity derivatives power trading and reports to Dora Sung, head of U.S. energy commodity trading. Zammit was most recently at J.P. Morgan. Mike Collens was named director, natural gas trader in Calgary and reports to Bruce Bianchini, head of energy trading in Canada. Collens was previously at Société Générale Energy in Calgary.
ADM Investor services appointed Kurt Johnson as vice president, business development. He will also continue to serve as president of the firm's wholly-owned subsidiary, Archer Financial Services. Johnson succeeded Ron Grossman, who retired after 16 years with the company. ADMIS also named Dennis Harding as vice president, information systems. Harding was previously director of application systems at the firm.
Société Générale Corporate and Investment Banking created an energy and natural resources business line that is co-headed by Federico Turegano and Jonathan Whitehead. In addition, within the global markets division of the bank, Whitehead was appointed head of commodities markets and François Combes and Jean-François Maurey were appointed deputies. Turegano was previously global head of natural resources financing. Whitehead, who joined SG CIB in May 2011, was previously head of commodity sales and structuring for Europe, Middle East and Africa at Barclays Capital.
R.J. O'Brien & Associates, Inc. hired Mark Sachs as executive vice president, sales and marketing. His responsibilities include creating and implementing new services for the firm's private client division, which has been servicing thousands of new accounts transferred from MF Global in early November. He is also responsible for launching new branding efforts company-wide as well as partnering with other members of RJO management to enhance sales strategy for the firm. Sachs previously served as president of Lind-Waldock, a retail futures brokerage firm owned by MF Global.
Borje Ekholm was named interim chairman of Nasdaq OMX's board of directors, following the retirement of H. Furlong Baldwin.
Christopher Nagy is launching KOR Trading, a consulting firm to help broker dealers, advisers, special interest groups and investors with information to help them navigate the changing market structure environment. Nagy worked for TD Ameritrade for more than 13 years and helped build its order-routing and market data infrastructure.
Rosenblatt Securities, an institutional brokerage based in New York, hired a four-person options sales and trading team. The group is headed by Gary Wishnow, previously head of options sales and trading at FBN Securities. Earlier in his career, he was vice president of institutional sales and trading at Louis Capital Markets, a market maker at Knight Financial Products and a broker at ICAP. He will report to Joe Gawronski, the firm's president and chief operating officer. The team also consists of Steven Williams, previously of Ramius Capital, who will be the chief derivatives and exchange-traded product strategist for Rosenblatt, Fabian Amezaga, who previously was co-head of the crude oil options book at Citigroup Derivatives Markets, and Matthew Stoeber from FBN.
Infinium Capital Management promoted Scott Rose to chief executive officer. He previously was head of trading, including both market making and algorithmic trading. Charles Whitman, one of Infinium's founders and the previous CEO, assumed the newly created role of chairman, overseeing a variety of new initiatives for the firm. Prior to joining Infinium, Rose was the co-founder and investment manager at Fox River Partners. Before that he held senior roles at Citadel, where he was responsible for the launch of the firm's equity options market-making business and the development of its energy businesses.
Gonzalo Chocano, formerly global head of futures and derivatives clearing services at Bank of America Merrill Lynch, joined StormHarbour, an independent financial firm that advises financial institutions and corporations. Chocano is a principal and managing director based in the London office, with responsibility for client coverage and relationships in Spain across sales and trading, structuring and advisory, and capital markets.
Getco hired Vipin Sood to oversee compliance at Getco's Europe Automat division. He is based in the company's London office. Sood previously worked at Citadel Asset Management.
Keith Andrew joined Knight Capital's market-making business in London. He was previously head of electronic foreign exchange trading at Morgan Stanley.
Campbell and Co. appointed Steven Schneider as chief administrative officer. Most recently he was chief financial officer for Ironwood Global in New York.
Trading Technologies appointed Rick Lane as executive vice president and chief technology officer. This will be his second stint at the company; he first joined the company in 2010 when TT acquired a company he co-founded. Most recently he worked at Google as a product manager on display ad servicing technology.
Fidessa Group appointed David Polen as head of business development. He reports to Mark Ames, chief executive officer of Fidessa's U.S. business. Polen has worked at Fidessa for 13 years in positions throughout the company.
Michael Loesch, a former senior staffer at the Securities and Exchange Commission, was named a partner at the law firm of Fulbright and Jaworski working with the firm's energy and securities litigation enforcement practice groups. Before joining the law firm in 2009, he worked at the Commodity Futures Trading Commission as chief of staff under then-acting Chairman Walter Lukken. Before that he worked at the SEC for seven years, including a stint as counsel to the chairman and a supervisor in the agency's enforcement division.
The Commodity Futures Floor Brokers and Traders Association re-elected George Gero as chairman of the board, Fred Schoenhut as vice chairman, Stephen Ardizzone as president, Madeline Boyd as executive vice president, Frank Siciliano as vice president, Jan Willem Van derDorpel as vice president, David Greenberg as vice president and John McNamara as vice president.
The International Swaps and Derivatives Association elected 13 directors at its 27th annual general meeting in Chicago. Three new directors were elected to the board: Elie El Hayek, managing director and member of the global markets executive committee, HSBC Bank; Fujio Nishio, chief manager, derivatives trading global markets sales and trading, Bank of Tokyo Mitsubishi; and Richard Prager, managing director and head of global trading at BlackRock.
The Bank for International Settlements announced that Paul Tucker was appointed chairman of the committee on payment and settlement systems. Tucker, who is deputy governor, financial stability at the Bank of England, succeeds William Dudley, president of the Federal Reserve Bank of New York, who has been the CPSS chairman since May 2009.
Wells Fargo named Yvette Hollings-worth as its chief compliance officer, succeeding Tim Marrinan, who announced his retirement in 2011. Hollingsworth was most recently managing director and global head of operations compliance and financial crimes compliance and risk management at Barclays.
Cinnober Financial Technology, the Stockholm-based provider of technology to exchanges, appointed Javier Tordable as chief executive officer. Tordable previously worked at several exchanges and trading companies, including Deutsche Börse, Eurex and MTS. Most recently he led the effort to establish a multilateral trading facility in Spain called Pave. Per-Anders Häll-Bedman, who has been acting CEO since November 2011, will return to his position of deputy CEO.
FX Alliance, a leading electronic platform for foreign exchange trading, hired Steve Rubinow as chief information officer. He is responsible for leading global technology operations for the company, which recently concluded an initial public offering of shares. For the past six years, Rubinow was chief information officer of NYSE Euronext, where he led the technology integration of NYSE and Euronext following their merger. Before that he was chief technology officer of Archipelago Holdings. At FXall, Rubinow replaced Kevin Lupowitz, who joined the company in March 2011 from Liquidnet.
KVH Co appointed Edward Higase as president, chief executive officer and representative director. He succeeded Richard Warley, who became a member of the board of directors. Higase most recently served as managing director and executive vice president of Global Crossing's Europe, Middle East and Africa businesses.
FIA Elects Directors and Officers
The Futures Industry Association elected 17 directors to its board of directors at the association's annual meeting in March in Boca Raton, Fla. After the election, the following officers were elected by the new board: Michael Dawley, managing director, co-head of futures and derivatives clearing services, Goldman Sachs, was re-elected as chairman; Peter Johnson, managing director, global head of futures, OTC clearing and FX prime brokerage, Bank of America Merrill Lynch, was re-elected as vice chairman; Najib Lamhaouar, global head of exchange-traded derivatives and OTC clearing, global markets, HSBC Securities (USA) Inc., was re-elected as secretary; and Gerald Corcoran, chairman and chief executive officer, R.J. O'Brien & Associates, Inc., was elected as treasurer.
Eight directors were elected for two-year terms in the regular member category: Patrice Blanc, president, futures brokerage division, Jefferies & Company, and chief executive officer, Jefferies Bache; Gerald Corcoran; Michael Dawley; Sanjay Kannambadi, chief executive officer and global head, BNY Mellon Clearing; Najib Lamhaouar; Reinhardt Olsen, managing director, North American head of exchange-traded derivatives, UBS Securities; William Sexton, chief executive officer, Newedge USA; and Michael Yarian, managing director, head of futures and OTC derivative clearing, Barclays Capital.
Four directors were elected to fill the remainder of two-year terms expiring in 2013 in the regular member category: Fredrik Gentzel, managing director, global head of listed derivatives, Deutsche Bank AG; Jerome Kemp, global head of exchange-traded derivatives sales and clearing, Citigroup Global Markets; Emily Portney, managing director, global head of futures and options, J.P. Morgan Securities; and Jeremy Wright, global head of futures and options markets, The Royal Bank of Scotland plc.
Five directors were elected for two-year terms in the associate member category: Richard Gorelick, chief executive officer, RGM Advisors; Arthur Hahn, partner, Katten Muchin Rosenman; David Mitchell, partner, Fried, Frank, Harris, Shriver & Jacobson; Kenneth Raisler, partner, Sullivan & Cromwell; and Donald Wilson, Jr., chief executive officer, DRW Trading Group.
Michael Schaefer and Alice Patricia White were elected as public directors. In addition, the new board re-appointed the following individuals as special advisers to the board: Richard Berliand, management consultant; and Gary DeWaal,senior managing director and global general counsel, Newedge Group.
The board also appointed John Damgard, the association's former president, as senior adviser to the board. Additionally, Gerald Corcoran was appointed chairman of FIA Technology Services, a subsidiary of the FIA that supports electronic execution of give-up agreements and execution brokerage payments.
The Institute for Financial Markets, the non-profit educational and training affiliate of the FIA, elected several new members to its board of trustees: Micah Green, a partner at the law firm of Patton Boggs; John Damgard; and Vassilis Vergotis, executive vice president and head of business development, Americas, Eurex. In addition, the IFM's board of trustees also re-elected Peter Borish, chief executive officer, Touradji Capital Management, as chairman, and Patricia Foshée as president.
The FIA also announced that Bill Herder was appointed as executive director of FIA Asia. He is based in Singapore. Nick Ronalds, who has led FIA Asia since 2007, will serve as a senior adviser to FIA Asia, focusing on the association's activities in China.
The FIA was saddened to hear that Richard Ruzika
passed away on May 7. He had been with Goldman Sachs for 30 years where he primarily traded commodities. Before retiring in 2011, he was a partner and head of the firm's Global Situations Group.
The FIA was also saddened to hear that Michael A. Milano passed away on March 29. Milano had a long career in the New York commodity markets. He became a member of the New York Mercantile Exchange in 1971 and worked as an independent floor trader for over 30 years.
The FIA was also saddened to hear of the passing of Fred "Fritz" Guth, a World War II marine veteran and CBOT member since June 1954.
The FIA was also saddened to hear that John "Jay" Finnegan, passed away on May 7. He was a former director of Bear Stearns and a former member of the Chicago Board of Trade and the Chicago Mercantile Exchange.